The Chief Executive Officer of Petrobras, a Brazilian national oil company, Caio Paes de Andrade, has resigned.
According to a report by Reuters, Andrade’s term of office was expected to expire in April but decided to quit earlier.
His resignation comes shortly after the country’s Mines and Energy Ministry said it would formally appoint Senator Jean-Paul Prates to head the state-run firm after President Luiz Inacio Lula da Silva announced it last week.
Andrade was handpicked by former right-wing President, Jair Bolsonaro after three of his predecessors had left, following clashes with Bolsonaro over Petrobras’ fuel pricing policy.
The move paves the way for Prates, a senator from Lula’s left-wing Workers Party, to take the helm before the current management’s tenure ends, though he must still win approval from internal Petrobras committees.
Pirates will need final approval as a board member and subsequently as CEO from the firm’s current board of directors.
Source: https://energynewsafrica.com