Joa_Souza/iStock Unreleased via Getty Images
Petrobras (NYSE:PBR) Chairman Pietro Sampaio Mendes was removed from his position Thursday by a Brazil judge over a conflict of interest regarding his role in the Ministry of Energy, which the court said could influence his decisions at the company; Petrobras said it will appeal the ruling.
Mendes’ role “makes him a holder of strategic information and a proposer of public policies that are directly related to the activities carried out by the company, attracting a conflict of interest,” the court said.
If the court decision holds, the government probably would need to find a replacement for Mendes ahead of an April 25 shareholders meeting to elect a new board.
The ruling comes after the same court suspended another board member, Sergio Machado Rezende, earlier this week due to an “alleged failure to comply with the requirements of the company’s bylaws in the appointment.”
Reuters reported two other board members also could be removed over conflicts of interest or for not meeting the necessary requirements for their roles.
