Petrobras’ Board of Directors Approves the Composition of its Executive Board

Source: www.gulfoilandgas.com 3/30/2016, Location: South America

Petrobras announces that its Board of Directors approved the names of the company’s executive officers and executive managers, based on its new structure.

The following names were approved as executive officers:

Hugo Repsold Junior: Human Resources, HSE and Services Department (HR&SD)

Ivan de Souza Monteiro: Financial and Investor Relations Department (FIRD)

Joao Adalberto Elek Junior: Governance, Risk and Compliance Department (GRCD)

Jorge Celestino Ramos: Refining and Natural Gas Department (RNGD)

Roberto Moro: Production and Technology Development Department (P&TD)

Solange da Silva Guedes: Exploration and Production Department (E&PD)

The appointment of senior management executives followed criteria that analyzed their integrity and technical and management skills before approval by the Executive Board.

The new organizational management and governance model will reduce by 43% the 5,300 managerial positions in non-operating areas, exceeding the initial 30% goal.

In addition to the reduction in managerial positions, the new structure also envisages the redistribution of activities and the combination of the areas. We estimate these measures will reduce annual costs by up to R$1.8 billion.

The new governance model will strengthen managers’ accountability mechanism. The company will create six Technical Statutory Committees, composed of executive officers, who will be co-responsible for the decisions and will also be responsible for the preliminary analysis and making recommendations on the topics to be discussed by the executive officers.

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