The board of directors of Petrobras, Brazil’s state-owned oil and gas company, on Monday elected Caio Paes de Andrade as its new chief executive officer. Andrade takes over from Fernando Borges, the company’s Chief Exploration and Production Officer, who served as interim CEO after the resignation of José Mauro Coelho on June 20. Andrade has also been named to the board of directors.
Andrade was formerly an official with Brazil’s economy ministry.
While Brazilian President Jair Bolsonaro has fired the last three Petrobras CEOs over their fuel pricing policy, Reuters reported that Andrade had “told a corporate committee last week that he had not received any guidance from the government regarding changing the firm’s pricing policy.”
Andrade’s term is set to end on April 13, 2023.