By Brazil Stock Guide – Brava Energia (BRAV3) announced a leadership transition at the top of its management, confirming the resignation of Décio Oddone as chief executive officer and the appointment of Richard Kovacs as the company’s new CEO. The move also includes a reorganization of the board’s leadership, marking a new phase in the company’s governance structure.
Oddone will remain in his role through January 31, 2026, ensuring what the company described as a gradual and coordinated transition aligned with its strategic and governance guidelines. Kovacs is scheduled to formally assume the CEO position on February 1, at the conclusion of the transition period.
Strategic continuity
According to the company, Kovacs’ appointment is designed to ensure continuity in Brava’s long-term strategy, with emphasis on capital discipline, operational safety and efficiency — principles that have defined the company’s most recent operating cycle. As a result of his move to the executive role, Kovacs stepped down as chairman of the board, while remaining a member of the body.
New board chairman
To fill the vacancy, the board elected Alexandre Cruz as its new chairman, with immediate effect. Cruz holds a degree in Economics from the University of São Paulo (USP), a law degree from PUC-SP and a postgraduate qualification from Fundação Getulio Vargas (FGV). He currently serves as CFO and is one of the founders of asset manager JiveMauá, with previous experience at Ernst & Young and Banco Santander.
Oddone’s legacy
Brava highlighted Oddone’s role in the company’s formation and consolidation as one of Brazil’s leading independent oil and gas producers. Prior to joining Brava, Oddone served as president of Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP), the country’s energy regulator, and was also an executive at Petrobras and Braskem. During his tenure, the company strengthened its culture of efficiency and operational safety, led the implementation of the Atlanta project from its inception, and completed a key cycle in the recovery of production at Papa-Terra, laying the groundwork for the next stage of growth.
Analysts see the reshuffle as more than cosmetic, interpreting it as a catalyst for a tighter “rotate-and-monetize” strategy across the portfolio. According to BTG Pactual, Kovacs’ deep familiarity with Brava’s asset base and his alignment with the controlling shareholder, Queiroz Galvão, are seen as factors that preserve strategic continuity while enabling faster execution. At current levels, Brava trades at an estimated 3.5 times EV/EBITDA for 2025, with BTG Pactual reiterating a Buy recommendation and a 12-month target price of R$27 — implying upside of more than 60% from recent trading levels.
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