Petrobras Board Member Resigns From Brazilian Oil Giant

Petrobras board member Efrain Pereira da Cruz resigned from his position at Brazil’s state-controlled oil company last week, according to two people with knowledge of the situation who requested anonymity because the move has not been publicly announced.

Cruz had served on the board of directors of Petroleo Brasileiro SA, as the company is formally known, since April 2023, when he was among the nominees Brazil’s government backed even though they failed to pass the company’s internal audits. He had been found ineligible due to recent political ties.

Brazilian newspaper O Estado de S. Paulo first reported Cruz’s resignation Saturday. The decision followed his dismissal from his role as executive secretary in the Ministry of Mines and Energy earlier this month.

Renato Galuppo, an attorney, is likely to temporarily fill Cruz’s seat on the board, one of the people said. Members’ current terms will end when the company holds its 2024 general shareholder meeting, which has not yet been scheduled. Galuppo was a candidate for alternate board member last year, but was rebuffed by Petrobras.