Economist Guido Mantega resigned on 23 March from the Petrobras’ Board of Directors, leaving his position as chairman.

At a meeting yesterday, the Petrobras board approved by majority vote the election of Luciano Galvão Coutinho as the new chairman.

No new board member was elected.

Luciano Galvão Coutinho has been a Petrobras board member since April 2008.

He is also on the board of directors of Petrobras Distribuidora S.A. and has been president of the National Economic and Social Development Bank (BNDES) since April 2007.

In compliance with Brazilian Corporate Law and the Company’s Articles of Association, Coutinho’s election is valid until the next Shareholders’ Meeting.

Source: Oil and Gas Technology