Petrobras Board Names Andrade as New CEO

Petrobras has experienced an almost constant churn at the CEO position since 2021 stemming from disagreements with Brazil’s President Jair Bolsonaro regarding prices for gasoline and diesel fuel.

Petrobras Board Names Andrade as New CEO

Caio Mário Paes de Andrade replaces interim Petrobras CEO Fernando Borges, appointed on June 20 to fill the vacancy created by the departure of José Mauro Ferreira Coelho, who resigned. (Source: Petrobras building by Alf Ribeiro / Shutterstock.com)

The board of directors of Brazil’s Petrobras nominated Caio Mário Paes de Andrade as the company’s next CEO, making him the fifth executive to take the reins of state-owned oil giant since last year.

Andrade replaces interim CEO Fernando Borges, appointed on June 20 to fill the vacancy created by the departure of José Mauro Ferreira Coelho, who resigned. Andrade will hold the position until April 13, 2023, according to a statement published June 27 on Petrobras’ website. 

Rio de Janeiro-based Petrobras has experienced an almost constant churn at the CEO position since 2021. The changes have primarily stemmed from disagreements with Brazil’s President Jair Bolsonaro regarding prices for gasoline and diesel fuel but have yet to derail the company’s long-term business strategy.

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Pietro Pitts

Pietro Donatello Pitts is a senior energy reporter for Hart Energy. He covers Latin America and the Caribbean as well as regions from North America to Europe, Africa and Asia. He covers topics spanning from the upstream, midstream and downstream sectors to the energy transition and geopolitical events impacting the global energy sector.