Caio Mário Paes de Andrade assumed the presidency of Petrobras on Tuesday morning (28), according to the company.
“Caio took office in Rio de Janeiro, the company’s headquarters, on an internal agenda,” Petrobras said in a statement. “The term as director continues until the next General Shareholders’ Meeting (still no date scheduled) and that of president until 04/13/2023”, he added.
It was not reported why there was no public inauguration ceremony.
The change of command at Petrobras was made official the day before, after the Board of Directors of the state-owned company elected Paes de Andrade as its new president.
President-elect of Petrobras is exonerated from the Ministry of Economy
Current secretary for the reduction of bureaucracy in the federal government, Andrade replaces José Mauro Coelho in charge of the company. Mauro Coelho resigned on the 20th after being pressured by the Jair Bolsonaro government because of high fuel prices. Since then, the company’s Executive Director of Exploration and Production, Fernando Borges, has been acting president.
Caio Paes de Andrade will be the fifth president of Petrobras in the Bolsonaro government.
The expectation of Palácio do Planalto is that new fuel price adjustments will not be authorized until the elections, according to the Valdo Cruz blog.
With an eye on re-election, Bolsonaro raised the tone of criticism against the administration of Petrobras due to increases in fuel prices and even called the profit of the state-owned company “rape”.
Since 2016, under the Michel Temer government, Petrobras has adopted the so-called policy of international parity.
On the 17th, the average sale price of gasoline at distributors increased by 5% and that of diesel, by more than 14%. Petrobras had not readjusted the price of gasoline for 99 days, since March 11. The last diesel readjustment had been on May 10, 39 days apart. Abicom’s survey shows that, even with Petrobras’ adjustment, the price of gasoline in refineries in the domestic market was still 11% behind the import parity this Tuesday, and diesel, 8%.
Understand Petrobras’ pricing policy
In addition to his position at the Ministry of Economy, Paes de Andrade has a degree in social communication from Universidade Paulista, a postgraduate degree in administration and management from Harvard University and a master’s degree in business administration from Duke University, in the United States.
According to the curriculum published by the Ministry of Economy, Andrade was once director-president of the Federal Data Processing Service (Serpro), a public information technology company responsible, for example, for sorting emergency aid records.
Andrade has led more than 20 M&A processes (mergers and acquisitions) and is the founder and advisor of Instituto Fazer Acabar, an organization focused on the social transformation of children and adolescents in the semi-arid region of Bahia based on sport. It moved from the private sector to the public sector in 2019.