Petrobras approves new executive line-up

Brazilian oil and gas company Petrobras has announced that its board of directors approved the names of the company’s executive officers and executive managers, based on its new structure.

These changes to the company’s executive line-up follow the new management and governance model outlined in January 2016 when the company announced a new cost cutting initiative.

The company said that, as part of the initiative, it would cut at least 30% in management positions in non-operational areas.

Petrobras’ latest organizational management and governance model will now reduce the 5,300 managerial positions in non-operating areas by 43%, exceeding the initial 30% goal.

Following a meeting on March 30, Petrobras’ board of directors approved a list of executive officers.

Hugo Repsold Júnior is now head of human resources, HSE and services department. Ivan de Souza Monteiro will be leading the financial and investor relations department while João Adalberto Elek Júnior will be in charge of the governance, risk and compliance department (GRCD). Jorge Celestino Ramos is the executive officer of the refining and natural gas department (RNGD). Roberto Moro is the head of the production and technology development department (P&TD) and Solange da Silva Guedes of the exploration and production department (E&PD).

Petrobras said the appointment of senior management executives followed criteria that analyzed their integrity and technical and management skills before approval by the Executive Board.

In addition to the reduction in managerial positions, the new structure also envisages the redistribution of activities and the combination of the areas.

The Brazilian company hopes these changes will reduce annual costs by up to R$1.8 billion (around $505.5 million).

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