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Petrobras (NYSE:PBR) CEO Joaquim Silva e Luna has been officially removed by Brazil’s government, confirming an earlier report from a area media resource.
Luna’s name was not integrated in a record of federal government appointed board users that was launched late Monday, in impact ousting him from Petrobras since the company’s bylaws point out that the CEO ought to be a board member.
The Mines and Energy Ministry proposed economist Adriano Pires, director of the Brazilian Infrastructure Center, as the company’s new CEO, and Rodolfo Landim, president of the former BR Distribuidora, as the new Chairman.
The appointments need to be ratified by the Petrobras board at an April 13 meeting.
The incoming CEO is not most likely to appreciate Luna’s stage of autonomy, Pacifico Gestao de Recursos portfolio manager Leonardo Rufino explained to Bloomberg, introducing the news “isn’t really a full surprise, but… obviously negative.”
Luna, who held the leadership job for only about a 12 months, had angered Brazil President Jair Bolsonaro when he introduced rate boosts for both diesel and gasoline on March 10.