Brazil’s Petrobras says four top executives leaving with outgoing CEO

RIO DE JANEIRO, BRAZIL – Four senior executives at Brazil’s state-run oil company Petrobras will step down, the company said on Wednesday, March 24th, following outgoing Chief Executive Roberto Castello Branco out the door.

Investor relations chief Andrea Almeida, sales and logistics chief André Chiarini, exploration and production head Carlos Alberto Pereira de Oliveira and executive head of development and production Rudimar Lorenzatto all told the board they did not plan to stay for another term.

Brazilian President Jair Bolsonaro fired Castello Branco as head of Petrobras, in February after the pair clashed over the company’s fuel pricing policy.

Incoming CEO Joaquim Silva e Luna told Reuters in an interview on Tuesday that at least part of the executive board could stay on when he takes over in April, although he knew at least two executives were planning to leave.

Petrobras’ statement on Wednesday said the quartet leaving would remain in their positions until their replacements had been installed, which should take place after April 12.

Castello Branco’s sacking sent jitters throughout financial markets. In years past, Petrobras was forced to subsidize local pump prices, costing the company tens of billions of dollars.

In more general terms, the government had until recent years called most of the shots at the company, with political appointees often occupying technical positions within the firm.

Luna told Reuters on Tuesday he would attempt to keep the firm free of inappropriate political interference.