Brazil Government Appoints Rodolfo Landim to Chair Petrobras Board

Earlier in the day, Admiral Eduardo Bacellar Leal Ferreira told Reuters he planned to step down as chairman of Petroleo Brasileiro SA , as the Rio de Janeiro firm is formally known.
“Petrobras chairman is a 24-hour job and I want to spend more time with my family,” Ferreira said, adding he has two grown children living outside of Brazil.
Ferreira will stay until the end of his term. A shareholder meeting to renew the company’s board is scheduled for April 13.
The replacement comes as Petrobras faces pressure from investors to raise fuel prices as oil approached $120 per barrel. The company controls gasoline and diesel prices in Brazil with more than 80% of the country’s refining capacity.
Ferreira declined to comment on Petrobras’ fuel price policy.
By Sabrina Valle via Reuters