Petrobras chairman, board member resign as Castello Branco takes the helm

Petrobras chairman, board member resign as Castello Branco takes the helm

People Brazil Energy

Petrobras chairman Luiz Nelson Guedes de Carvalho and board member Francisco Petros Oliveira Lima Papathanasiadis have both left the company, Brazil's state-owned energy enterprise  announced Wednesday.

Petrobras said board member Jerônimo Antunes has been appointed the interim chairman of the board. Mr Antunes has been a member of the board of directors since July 2015.

The boardroom changes come as Roberto Castello Branco officially took over as CEO of Petrobras, replacing Ivan Monteiro. Castello Branco was previously selected in November to lead the company by then president-elect Jair Bolsonaro. Bolsonaro was inaugurated on Jan. 1 at the Planalto presidential palace in Brasilia.

Castello Branco, who studied at the University of Chicago like the incoming finance minister, Paulo Guedes, and the next head of the national development bank BNDES, Joaquim Levy, has advocated for privatizing Petrobras.