Petrobras council stops Bolsonaro's attempt to replace the current president

MADRID, 26 May. (EUROPA PRESS) -

The Petrobras board of directors has stopped Jair Bolsonaro's attempt to remove the current president of the state oil company, José Mauro Ferreira Coelho, to appoint the economist Caio Mário Paes de Andrade.

The directors of the company have clarified in a statement sent to the Comissão de Valores Mobiliários (CVM) that the appointment process of Paes de Andrade will be submitted to the deliberation of the internal government for the analysis of the legal and management requirements of this movement .

The president of Brazil, Jair Bolsonaro, decided last Monday to appoint Caio Paes de Andrade as the fourth president of Petrobras during his legislature. His successor, José Mauro Ferreira Coelho, had barely been in office for 40 days. The changes of command organized by the Government take place within the framework of the Executive's continuous criticism of business management in fuel price policy, which has increased significantly in recent months.

Despite Bolsonaro's intentions, the council has determined that, in addition to going through the internal government process, the movement suggested by the Government, which is the majority shareholder of the company, must also have the approval of the people's committee before of the call for the next general meeting of shareholders.

This board request is new in Petrobras' recent changes in command. In the case of the current president of the company, José Mauro Ferreira, the appointment became official on April 6 and was voted on in an ordinary meeting on April 14, a week later.

The board has also detailed that the dismissal of Ferreira would entail the departure of the seven directors who arrived with him, all of them elected at the shareholders' meeting on April 13, so the Ministry of Mines and Energy should send the candidacies of another seven candidates, in addition to the president.

In this sense, Petrobras has indicated that the next shareholders' meeting will only be convened when the resumes of these potential members are evaluated and approved by the board. In addition, the company has indicated that between the call and the holding of the meeting, at least 30 days will have to elapse.