Brazil’s Petrobras studies broader shakeup of executive board, sources say

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RIO DE JANEIRO — Brazilian state-run oil company Petrobras is studying a broader shakeup of its executive board after having tapped a new head of innovation, sources told Reuters on Monday.

New appointments by Petrobras’ CEO, Caio Paes de Andrade, may take place in the coming days, said the sources, who requested anonymity to discuss internal deliberations.

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The company’s new CEO took over at the end of June, after being nominated by Brazil’s President Jair Bolsonaro, who at that time was vocal critic of the state-run company as fuel prices rose. As global crude prices have slipped off their highs this year, those tensions have dissipated somewhat.

Petrobras said on Monday that its CEO appointed Paulo Palaia to lead the company’s innovation office, replacing Juliano Dantas. The appointment is to be submitted to the state-owned company’s internal corporate governance procedures for approval.

“This is probably just the first change of a few,” a second source told Reuters.

Petrobras did not immediately respond to a request for comment.

(Reporting by Rodrigo Viga Gaier; Writing by Carolina Pulice; Editing by Lisa Shumaker and Aurora Ellis)

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