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The board of directors at Petrobras, Brazil’s state-controlled oil and gas major, has approved the nomination of Caio Paes de Andrade to become the company’s new chief executive officer. The Brazilian government had announced on May 23 its intention to name Mr. Andrade to the position.
According to Petrobras, Mr. Andrade will not need to have his name approved in a shareholders’ meeting. This is because former CEO José Mauro Coelho resigned last week, leaving a vacancy at the helm of the company, and it is therefore up to the board, on which the government controls six of…
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