Petrobras boss leaving for SP government speeds up Lula’s nominations at the state-owned company

by

The departure of Caio Paes de Andrade from the presidency of Petrobras to take over the secretariat in the new government of São Paulo will speed up Lula’s appointments to the state’s administration, by eliminating the need to call a shareholders’ meeting to elect a new president.

In a note, Petrobras says that Paes de Andrade is not leaving now and “will continue to pay exclusive attention to the transfer of command that will take place in the company, collaborating together with the other executive directors for a professional, transparent transition and adhering to good governance rules” .

Even so, he must resign from office at the end of the Jair Bolsonaro (PL) government, making room for the immediate appointment of a new president, as occurred at the end of the Michel Temer government, when Ivan Monteiro ceded the position to Roberto Castello Branco.

The very inauguration of Paes de Andrade was anticipated by the resignation of his predecessor, José Mauro Coelho, in the midst of yet another troubled change of command of the state-owned company during the Bolsonaro government, which had four presidents in the company.

The transitional government considers it important to start the year with a new command at the state-owned company, but the replacement of directors and directors depends on either the resignation of current members or the fulfillment of mandatory deadlines for calling a shareholders’ meeting.

The president has to be a member of the board of directors, but the resignation of Paes de Andrade allows the appointment of an interim boss and automatically causes the dismissal of seven other directors, who were elected with him in August for two-year terms.

Of these, five were appointed by Bolsonaro and two represent investors, most of whom hold public office — including the then number two of the Civil House, Jonathas Assunção —, which was seen by the market as an attempt to have a council more aligned with the eve of the elections.

The other two represent Banco Clássico, the company’s largest individual shareholder: banker Juca Abdalla and lawyer Marcelo Gasparino.

As Paes de Andrade’s replacement, Senator Jean-Paul Prates (PT) and the former general director of the ANP (National Petroleum, Gas and Biofuels Agency) Magda Chambriard are quoted today. Both are part of the group that analyzes the transition in the energy sector.

They have been participating in the transition team’s meetings with Petrobras’ management this week. In the meetings, they heard about the fuel price policy, investment plans and the company’s asset sale program.

You May Also Like

Recommended for you