By Brazil Stock Guide – Petrobras (B3: PETR4.SA, PETR3.SA; NYSE: PBR, PBR.A) is moving to appoint Bruno Moretti as chairman of its board after Pietro Mendes resigned this week to join Brazil’s oil regulator ANP, Valor Econômico reported. Mendes’s departure, approved by the Senate on Aug. 19, triggered the leadership reshuffle.
According to Valor, board member Renato Galuppo will serve as interim chair until a meeting scheduled for Aug. 29, when directors are expected to formally elect Moretti to complete the remainder of Mendes’s mandate. Petrobras’s bylaws authorize the board to fill the vacancy until the next shareholder assembly, which is due by April 2026 unless an extraordinary session is called earlier.
Moretti, already a Petrobras director, currently works as special secretary for government analysis at the presidential chief of staff’s office. He has close ties to Mines and Energy Minister Alexandre Silveira and Chief of Staff Rui Costa, according to the report.
The vacancy left by Mendes gives the government, Petrobras’s controlling shareholder, the right to nominate a new board member. Any nominee must go through the company’s internal vetting process before being confirmed at a shareholder meeting.
Mendes will also step down from his role at the Mines and Energy Ministry as he takes office at ANP. Alongside him, the Senate approved Artur Watt, a legal adviser at state-run Pré-Sal Petróleo SA, as ANP’s director-general.
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