Petrobras board calls shareholder meeting to replace CEO

FILE PHOTO: A logo of Brazil's state-run Petrobras oil company is seen at its headquarters in Rio de Janeiro

BRASILIA (Reuters) – The board of Brazil’s state-run oil company Petrobras on Tuesday authorized an extraordinary shareholder meeting to begin the process of replacing Chief Executive Roberto Castello Branco with former Defense Minister Joaquim Silva e Luna.

The company, known formally as Petroleo Brasileiro SA, added that the board said it “will continue to rigorously abide by the governance standards of Petrobras, including with respect to the company’s pricing policy.”

(Reporting by Anthony Boadle; Editing by Brad Haynes and Christian Plumb)