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Lula to bring in brand-new Petrobras chairman in board reshuffle, O Globo reports

Brazilian President Luiz Inacio Lula da Silva will designate Petrobras chairman Pietro Mendes to a senior position at oil regulator ANP, starting a. small shakeup at the staterun oil firm's board, local. paper O Globo reported on Wednesday.

To change Mendes as chairman of Petrobras, the. government will select present board member Bruno Moretti,. according to the report, which cited a file from the. governmental chief of personnel.

Petrobras did not right away respond to a request for. remark. The firm's shares began to fall after the report, and. were trading down some 0.9%.

Mendes, who is likewise secretary of oil, natural gas and. biofuels at the Mines and Energy Ministry, was appointed as. Petrobras chairman early on in Lula's federal government, in February. 2023.

His dual function has been a headache for Petrobras. Mendes. was briefly ousted as chairman in April after a Sao Paulo judge. ruled it was a dispute of interest for Mendes to hold both. positions, although he was restored six days later on after an. appeal.

Moretti, special secretary of governmental analysis, was. also selected early in Lula's federal government to the Petrobras. board.

He was among the people under consideration to take on. the role of Petrobras president earlier this year,. although that task eventually went to Magda Chambriard.

The vacant spot on the board will be taken by legal representative. Benjamin Alves Rabello, stated O Globo.

(source: Reuters)