PETRÓLEO BRASILEIRO

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Petróleo Brasileiro S A Petrobras : Petrobras Board Calls Extraordinary Shareholder Meeting on Replacing CEO

02/23/2021 | 05:58pm

By Jeffrey T. Lewis and Luciana Magalhaes

SAO PAULO--The board of state-controlled oil company Petroleo Brasileiro SA voted Tuesday to call an extraordinary shareholder meeting to consider the nomination by Brazilian President Jair Bolsonaro of a new chief executive officer.

The chairman of the board of Petrobras, as the company is known, will set the date for the meeting, according to its statement.

While the intention of the meeting is to replace the CEO, Petrobras will first have to determine if Mr. Bolsonaro's nominee meets the criteria for the top job set in the company's bylaws, according to a person familiar with the situation.

Mr. Bolsonaro on Friday nominated army general Joaquim Silva e Luna to replace the current CEO, Roberto Castello Branco, after a dispute over recent fuel price increases that the Brazilian president said were excessive.

Petrobras last week announced an almost 10% increase in the price of gasoline and an almost 15% increase in the price of diesel fuel. Mr. Bolsonaro last week promised changes at the company, but the nomination of a new CEO still surprised employees and investors and sent shares plunging more than 20% during Monday's trading session.

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

(END) Dow Jones Newswires

02-23-21 1758ET

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