Petrobras in possible management shakeup

Management changes: Said to be in the works at Petrobras

Petrobras is said to be prepared to rearrange its top officers as new chief executive Maria das Gracas Foster puts her stamp on the company, local reports said Thursday.

The state-controlled Brazilian oil giant may release downstream director Paulo Roberto Costa, services director Renato Duque and international director Jorge Zelada on Friday, Dow Jones news wires reported, referencing local newspaper Jornal do Brasil.

All three directors were linked with specific political parties when appointed during the first administration of former President Luiz Inacio Lula da Silva, the news wire said.

Foster wants to install directors with a more technical background, Jornal do Brasil said.

Chief financial officer Almir Barbassa is also under consideration to be replaced, although he is expected to retain his post in the near term, the report said.

Petrobras declined to comment on the report when contacted by the news wire.

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