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Brazil & Southern Cone - February 2015 (ISSN 1741-4431)

ECONOMY: Petrobras shake-up fails to impress

Upon taking up the job of CEO of Petrobras, the state-dominated oil company, Aldemir Bendine became the only head of a major oil company with no experience in the oil and gas industry. As the former head of Banco do Brasil, another company in which the State is the dominant shareholder, Bendine’s appointment disappointed investors who had hoped for a leader more independent of the government. In his first comments upon taking up the job, Bendine said little to calm investors’ fears.

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