New Petrobras CEO Facing Widespread Disapproval

TIME

The choice of banker Aldemir Bendine, a confidant of Brazilian President Dilma Rousseff, to take over as CEO of Petroleo Brasileiro (Petrobras) disappointed many who would have preferred a more independent leader of the government-owned company as it fights to emerge from a corruption scandal.

No one actually accused Rousseff of cronyism because Bendine’s new job is largely political, as the nation’s president has always named the majority of Petrobras’ board members, who choose their CEO.

Yet observers said it was time not for a banker, but for a CEO with deep roots in the energy sector to steady the company.

Nevertheless, on Feb. 6 Rousseff chose Bendine, the CEO of the government-owned Banco do Brasil, who has no experience in the oil business, to replace Maria Silva Foster, who resigned Feb. 4 as Petrobras CEO along with five other senior executives in the face of a broad investigation…

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