Petrobras board approves veteran CFO as new financial chief

Petrobras board approves veteran CFO as new financial chief

RIO DE JANEIRO (Reuters) - Brazil's state-controlled oil company Petroleo Brasileiro said on Tuesday its board has approved Rafael Salvador Grisolia to serve as chief financial officer, replacing Ivan Monteiro, who took the helm of the company earlier this month.

Grisolia, who served since August 2017 as CFO of Petrobras Distribuidora , Petrobras' fuel distribution unit, was named to serve until March 2019.

The executive reshuffle comes after a nationwide trucker strike last month over rising diesel costs forced the government to agree to subsidize diesel prices, leading to the resignation of Pedro Parente, a darling of international investors, as Petrobras CEO.

The crisis also raised fears of further meddling in Petrobras pricing among investors, who saw the company as finally turning the corner after years of political interference and corruption.

Grisolia, an engineer by training, previously served as CFO at small companies such as Brazilian healthcare products supplier Cremer SA, and retailer Inbrands SA. He also worked in the financial area of Esso, an affiliate of Exxon Mobil Corp , Petrobras said in the filing.

Late last year, Petrobras raked in upwards of 5 billion reais ($1.5 billion) when it floated a 30 percent stake in Petrobras Distribuidora as part of a bid to reduce the heftiest debt load among oil majors worldwide.

Earnings at the unit missed net income estimates in the first quarter.

(Reporting by Alexandra Alper; editing by Diane Craft, G Crosse)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date: Jun 27, 2018 06:05 AM

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