Petrobras Chairman Pietro Mendes is stepping down from the crude producer following his approval by the Brazilian Senate to become a director at Brazil’s oil and gas regulator, known as ANP.
Mendes, who began his career at ANP, resigned effective immediately, according to a Petrobras filing Wednesday. He is also Brazil’s oil and gas secretary at the Mines and Energy Ministry. His new appointment hasn’t yet been published in the official gazette.
His term at the state-controlled oil producer runs until 2026. Petrobras’s bylaws says its board of directors may elect a replacement to act until the next annual general meeting.
Bloomberg reported on Mendes’ eventual departure last December. At the time, Petrobras board member Bruno Moretti was expected to replace Mendes, according to people familiar with the matter. Moretti works with President Luiz Inacio Lula da Silva’s chief of staff Rui Costa and is seen as close to the ruling Workers’ Party.
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