Petrobras ( NYSE: PBR ) said Thursday its board unanimously approved former senator Jean Paul Prates as the new CEO of the state-run Brazilian oil company, as expected.
Prates, who resigned his senate seat earlier this week, was tapped for the top job by Brazil's new President Luiz Inacio Lula da Silva and is expected to oversee a strategic shift to more renewable energy projects and renewed investments in refining.
He will take the Petrobras ( PBR ) job on an interim basis until April 13, when he will be sworn in permanently.
According to Reuters, Prates will nominate picks for senior executive management on Friday, after meeting with Lula later on Thursday to discuss board appointees.
market participants likely will "watch closely Mr. Prates' initial remarks on Petrobras' pricing policy, dividends and future strategy," Credit Suisse analyst Regis Cardoso said.
Petrobras ( PBR ) continues to trade at a substantial discount due to the risks it faces from the new Brazilian government, The Value Portfolio writes in an analysis posted recently on Seeking Alpha .
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Petrobras board approves Lula nominee Prates as next CEO