Skip to content

Petrobras Board Approves New CEO Amid Protests

  • Caio Paes de Andrade is close to Economy Minister Paulo Guedes
  • Workers say new CEO has no experience in the oil sector

The board of directors of Petrobras approved Caio Paes de Andrade as the company’s new chief executive officer, the fourth person at the helm of Latin America’s largest oil producer this year amid rising pressure for it to lower fuel prices.

Workers protested at the company headquarters on Monday morning, saying Paes de Andrade has no experience in the energy sector and is not qualified to preside over the Brazilian oil giant. Minority holders group Anapetro asked the Brazilian Securities and Exchange Commission to prevent his appointment.