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Bloomberg
Petrobras’s shareholders appointed Jose Mauro Coelho as a board member, a key step for the former energy ministry official to become chief executive officer and end a tumultuous leadership transition.
The board of directors at Petroleo Brasileiro SA, as the state-controlled oil producer is known, will hold a separate vote to name Coelho as CEO. It is expected to be a formality because the government, which controls the board, nominated him as a candidate.
Minority shareholders scored a victory by electing four members to the board for the first time, up from three.
pointed by the government are technical and major changes are unlikely.â€
As CEO, Coelho will need to navigate the conflicting priorities of Bolsonaro, who is concerned about the political fallout from $100 oil, and investors who want the company to continue charging market-based fuel prices and paying robust dividends. Investors also want to company to continue divesting billions of dollars in assets to the giant pre-salt fields that deliver the most revenue.