Brazil - 01

Brazil: Petrobras Board Chairman Nominee Underscores Continued Government Influence

On 27 March Petrobras announced that Murilo Ferreira, the CEO of mining conglomerate Vale, had been nominated as the next chairman of the company’s board. Ferreira’s appointment will have to be approved at the upcoming 29 April shareholders meeting. In the meantime, Brazilian National Development Bank (BNDES) president Luciano Coutinho will serve as interim CEO following former chairman and Minister of Economy Guido Mantega’s resignation from the position last week.

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