New Executive Directors are appointed by Petrobras’ CEO

The CEO of Brazil’s state-run oil company Petrobras, Magda Chambriard, has announced a new management team, appointing three Directors with extensive technical expertise and experience in state-run firms.

Fernando Melgarejo will take over as Chief Financial Officer (CFO), replacing Sergio Caetano Leite, who was ousted along with former CEO Jean Paul Prates last month, according to a company filing on Friday.

Renata Baruzzi will be the new Chief Officer for Engineering, Technology, and Innovation, while Sylvia dos Anjos will lead exploration and production.

These changes come as Petrobras aims to accelerate its investment plans in response to President Luiz Inacio Lula da Silva’s call for increased investment to boost the economy and create jobs.

Melgarejo has around 37 years of experience at the state-run Banco do Brasil conglomerate. He is currently a Board member and Audit Committee member of the energy firm Neoenergia, Chairman of Grupo Litel’s Board, and a trustee of the Banco do Brasil Foundation.

Chambriard selected Baruzzi and Dos Anjos from within Petrobras. Baruzzi, who currently manages the Integrated Logistics Management area, has been with the company for about 38 years. Dos Anjos, a retired Petrobras geologist, has over 42 years of experience in exploration and production.

They will replace Directors Carlos Jose do Nascimento Travassos and Joelson Falcao Mendes, who will remain in their roles until the new Directors are approved by the company’s Corporate Governance.

Current executive officers Clarice Coppetti, Mauricio Tolmasquim, Claudio Schlosser, Mario Spinelli, and William Franca da Silva will stay under Chambriard for now. Petrobras stated that any further appointments would be announced in due course.