Petrobras puts former energy official Coelho on track to be CEO

Control issues: A worker refuels a vehicle at a Petrobras petrol station in Rio de Janeiro. Brazil’s state-controlled oil producer is experiencing a tumultuous leadership transition. — Bloomberg

RIO DE JANEIRO: State-controlled oil producer Petroleo Brasileiro SA’s (Petrobras) shareholders have appointed Jose Mauro Coelho as a board member, a key step for the former energy ministry official to become chief executive officer (CEO) and end a tumultuous leadership transition.

The board of directors at Petrobras will hold a separate vote to name Coelho as CEO soon. It is expected to be a formality because the government, which controls the board, nominated him as a candidate.