Petrobras committee clears Bolsonaro’s pick for CEO (NYSE:PBR)

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Petrobras’ (NYSE:PBR) eligibility committee on Friday approved Caio Paes de Andrade, the Brazil government’s pick, to be nominated as the company’s next CEO, concluding that there are “no barriers” to occupy the position, Reuters reports.

Although non-binding, the committee’s opinion was necessary for the board of directors to schedule the general meeting, which is expected to take place early next week.

Following a fuel price increase that angered Brazil’s President Bolsonaro and many lawmakers, Petrobras (PBR) CEO Jose Mauro Coelho resigned on Monday before he was formally replaced, clearing the path for Andrade to join the board and then become CEO.

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