Petrobras Names Interim Chairman
September 15 2015 - 8:00AM
Dow Jones News
SÃ O PAULO—Brazilian state-controlled oil company Petró leo
Brasileiro SA named Luiz Nelson de Carvalho, as its chairman in an
interim basis, after Murilo Ferreira decided to take a temporary
leave of absence.
Mr. Carvalho is a member of Petrobras' board since May and is
the head of the company's audit committee.
On Monday, Petrobras said that Mr. Ferreira, who was just
elected to the post in April, will step away until Nov. 30, without
giving further details.
Mr. Ferreira isn't taking leave from Brazilian mining giant Vale
SA, however, where he currently serves as chief executive,
according to a spokeswoman for that company, who attributed his
decision regarding Petrobras to "personal reasons."
In a separate statement, Petrobras said that it proposed to
certain workers a plan to reduce their salaries and the equivalent
in working hours, by up to 25%, amid an effort to reduce its
costs.
The company is facing a challenging scenario amid huge debt and
drop in oil prices. Petrobras is the world's most leveraged oil
company. As of June 30, the company was carrying 415.55 billion
reais ($109 billion) in total debt, up 18% from the end of last
year.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 15, 2015 07:45 ET (11:45 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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