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Brazilian government substitute for Petrobras president: sources

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By Rodrigo Viga Gaier

RIO DE JANEIRO, March 28 (Reuters) – Brazilian President Jair Bolsonaro has decided to replace the chief executive of state oil company Petrobras, three sources familiar with the matter said on Monday.

A list of board members that the Bolsonaro government drew up for shareholder approval at an April meeting did not include the name of Joaquim Silva e Luna, said two sources, who asked to remain anonymous because the matter was confidential.

The CEO of Petrobras, formally known as Petróleo Brasileiro SA, must, according to its statutes, be a member of the board, so Luna’s exclusivity marks the end of his mandate.

A third source, a government official who also requested anonymity, convinced that Bolsonaro had made the decision to replace Luna.

Neither Petrobras nor Bolsonaro’s office immediately responded to requests for comment.

News magazine Veja reported on Bolsonaro’s decision earlier on Monday, saying the government would announce the move to replace Luna within hours, citing government sources.

Petrobras’ preferred shares listed on the Brazilian stock exchange fell almost 2% after the news, before recovering much of their losses.

(Reporting by Rodrigo Viga Gaier; additional reporting by Carolina Pulice and Peter Frontini; Editing in Spanish by Javier López de Lérida)

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