November 29, 2023

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Petrobras CEO Luna officially out after fuel price hike angered Bolsonaro (NYSE:PBR)

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Petrobras (NYSE:PBR) CEO Joaquim Silva e Luna has been officially taken off by Brazil’s govt, confirming an previously report from a community media source.

Luna’s identify was not integrated in a checklist of govt appointed board customers that was launched late Monday, in influence ousting him from Petrobras considering that the firm’s bylaws condition that the CEO need to be a board member.

The Mines and Strength Ministry proposed economist Adriano Pires, director of the Brazilian Infrastructure Centre, as the company’s new CEO, and Rodolfo Landim, president of the former BR Distribuidora, as the new Chairman.

The appointments must be ratified by the Petrobras board at an April 13 conference.

The incoming CEO is not very likely to love Luna’s amount of autonomy, Pacifico Gestao de Recursos portfolio supervisor Leonardo Rufino advised Bloomberg, adding the news “is not a finish surprise, but… evidently negative.”

Luna, who held the management position for only about a 12 months, experienced angered Brazil President Jair Bolsonaro when he announced price raises for both equally diesel and gasoline on March 10.