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Petrobras shareholders approve of Castillo Branco sacking

Petrobras shareholders approve of Castillo Branco sacking

RIO DE JANEIRO (Reuters) – A shareholder meeting in Petrobras on Monday approved the dismissal of Roberto Castillo Branco as a member of the board of directors of the state-owned oil company, in an important step allowing the company’s CEO to be replaced. Presidency of the company.

Castillo Branco’s departure from college paves the way for the entry of Reserve General Joachim Silva e Luna, appointed by President Jair Bolsonaro to replace the executive director on the board of directors and chair the state oil company.

In accordance with company regulations, the President of Petrobras is chosen by the Board of Directors from among its members. Hence, the head of the SOE must be part of the group.

With Castillo Branco also leaving the presidency of Petrobras, the company’s bylaws provide for the chairman to be appointed as a replacement from among the other members of the Executive Board until the new chairman is elected.

The dismissal of Castillo Branco, during an extraordinary meeting on Monday, also resulted in the sacking of seven other members of the college, whose vacancies must be filled at the same meeting, almost entirely due to the pandemic.

The council president is also scheduled to be elected at Monday’s meeting. In this case, the government indicated the renewal of Eduardo Basilar Lyall Ferreira.

(By Marta Nogueira and Gram Slaterry; additional report by Paula Lair)

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