Petrobras announced the sudden departure of CEO Jean Paul Prates, following lackluster Q1 results. The company’s net profits dropped by 38 percent to BRL 23.7 billion. Prates had been in a power struggle with Mines and Energy Minister Alexandre Silveira over Petrobras’s direction. Despite the financial challenges, his exit was not directly linked to the results.
Mr. Prates will be succeeded by Magda Chambriard, former head of Brazil’s National Oil Agency. The change in leadership signifies a shift in Petrobras’s strategy and decision-making process.
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