The board of directors of Petrobras on Thursday approved former Senator Jean Paul Prates as the firm's chief executive, marking a strategic shift for the state-run Brazilian oil company.
on Thursday approved former Senator Jean Paul Prates as the firm's chief executive, marking a strategic shift for the state-run Brazilian oil company.
A source familiar with the matter said Prates would nominate picks for senior executive management on Friday, after meeting with Lula later on Thursday to discuss board appointees. Investors also worry about the future dividend policy. Petrobras made bumper payouts in recent quarters, but Prates has said the company cannot "just keep tapping sub-salt oil and paying dividends".
Prates, who was a senator for the past four years, is the first politician in several years to hold a high-ranking office at Petrobras.
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