Petrobras Council Will Meet on Monday, 27, to Consider New President’s Name

The Board of Petrobras Held a Meeting on Friday Afternoon, 24, to Appoint the New Company President

Marcio Weber, Chairman of the Board of Directors of Petrobras, stated that he will hold an extraordinary meeting of the Board of Directors on Monday, 27, to evaluate the appointment of Caio Paes de Andrade, considered in the meeting held last Friday, to lead the state-owned company.

The Celeg (Eligibility Committee) of Petrobras held a meeting this Friday, 24, to evaluate the name of Caio Andrade to become the president of the state-owned company.

Before the meeting that took place on Friday, sources indicated that there was an expectation for the Board to convene to endorse Andrade’s name. The notice for Monday’s meeting should have been sent to the board members between the end of Friday and the weekend, with the meeting scheduled for 11 a.m.

Sources Indicate That Caio de Andrade’s Name Was a Positive Nomination

According to the same sources who stated that prior to the meeting held this Friday 24, Caio de Andrade had already been considered to lead Petrobras, his name received a positive endorsement from the councilors who participated in the meeting.

The Celeg is also part of the Cope (People Committee) of Petrobras, which is responsible for verifying information and requirements of those nominated by the government to assume positions in the state-owned company.

According to an executive from Petrobras who evaluated Caio’s resume, although there are some controversial points in his history that contradict the necessary governance rules of the state-owned company, they do not constitute an impediment.

The current Secretary of Bureaucratization of the Ministry of Economy will take over the company in place of José Mauro Ferreira Coelho, who resigned from the positions of president and councilor last Monday.

Petrobras Board States That The Nominated Name to Lead the State-Owned Company Does Not Meet Minimum Requirements

Caio Paes de Andrade, who was nominated by the Ministry of Mines and Energy to be the future president of Petrobras, prior to José Mauro Coelho’s resignation, may secure the position, as Mauro resigned this week of the 20th from the presidency of the state-owned company.

If Caio’s name is approved by the committee, which will meet this Monday, he will become a councilor and president of the company.

Experts consulted by Jovem Pan stated that Caio Paes de Andrade’s nomination could be approved. The understanding is that there are no obstacles preventing approval, which goes against the opinion of councilor Rosangela Buzanelli, a member of the Board of Directors of Petrobras, who has 35 years in the state-owned company.

For her, the nominee for the presidency does not fit the necessary profiles to become CEO of the company.

“The candidate for president nominated by the Union, according to data gathered by the press, does not meet the minimum requirements for technical qualification, according to the State-Owned Companies Law and the company’s own bylaws, which require an academic background in the area and experience in a similar large company or in the public sector for a minimum period,” she commented.

The change in Petrobras’ leadership aims to address the Import Parity Price (IPP). However, according to the president of UFRJ (Federal University of Rio de Janeiro), Edmar de Almeida, there would not be enough time for the future president of the state-owned company to change the pricing policy.

“These are measures that have already been debated in Congress and present difficulties or challenges to be implemented, either due to budgetary impacts, public deficit, or the regulatory challenges of implementing these changes in time for the elections,” said Almeida.