Petrobras’ Jean Paul Prates is expected to step down as CEO after a reported dispute with Brazil’s President Luiz Inácio Lula da Silva over dividend payments, according to Bloomberg.

Prates received a request on May 14 from the Rio de Janeiro-based company’s board to consider his early termination, the company announced in a press release.


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Magda Maria de Regina Chambriard is expected to replace Prates as Petrobras’ CEO and as a member of the company’s board, Petrobras said in the release.

Most recently, Chambriard worked with Brazil’s oil regulator ANP.

Chambriard holds a Master's degree in Chemical Engineering from Alberto Luiz Coimbra Institute for Graduate Studies and Research in Engineering of the Federal University of Rio de Janeiro (COPPE/UFRJ) and a degree in Civil Engineering from UFRJ.

Additionally, the board removed Sergio Caetano Leite from the position of CFO and investor relations officer, and appointed the current Finance Executive Manager Carlos Alberto Rechelo Neto as interim, until the election of a new CFO.