In light of recent corruption scandals including allegations of price-fixing, bribery and kickbacks that hit Petrobras, Maria Das Gracas Silva Foster resigned as CEO of the company on Wednesday last week.
Petrobras’ Board of Directors elected Aldemir Bendine, Chief Executive of Banco do Brasil, to succeed Ms Gracas Foster as new CEO. Ms Foster, 61, led the company since 2012, and was the first woman in the world to be appointed as CEO of an international oil and gas company.
Following the announcement of the new CEO on Friday, Petrobras’ shares fell over 9%. It seems investors were disappointed by the Board’s selection of Mr Bendine, but why?
Mr Bendine, 51, has no background in the oil and gas industry and no technical expertise. Experts wonder if he can run Brazil’s oil and gas major in the middle of a huge corruption scandal.
The WSJ reports that Joao Pedro Brugger, a portfolio manager at Leme Investments in Florianopolis said “You took out a technical name that was Graca Foster, who despite the problems, knew the [oil] sector, and put in a person who, despite the good results of the Banco do Brasil, is not an expert in the oil sector”.
However, Mr Bendine is seen to have 2 fundamental characteristics to lead Petrobras:
Mr Bendine has more than 30 years of experience in the banking industry. Here are some key facts of his career history:
Will Mr Bendine solve Petrobras’ problems? Will he restore investor confidence in the company? Let us know your thoughts below.
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