Brazil’s government has appointed former Petrobras executive Rodolfo Landim to chair the state-controlled oil producer’s board, the company said in a filing on Saturday night.
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