Adriano Pires gives up nomination as president of Petrobras

Appointed a week ago to take over the command of Petrobras, economist and consultant Adriano Pires announced yesterday evening (Apr. 4) he is giving up the position. In a letter sent to Minister of Mines and Energy Bento Albuquerque, Pires expressed his gratitude for the invitation but said his professional consulting activities prevent him from assuming the position.

“It was clear to me I could not reconcile my consulting work with the presidency of Petrobras. I immediately began the procedures to withdraw from the Brazilian Center for Infrastructure (CBIE)—a consulting firm I founded more than 20 years ago, which I now manage in partnership with my son. Unfortunately, however, I realized during the process that I am not able to do it in a short time,” Pires said in the document.

Pires had been nominated to substitute retired General Joaquim Silva e Luna as president of the state-owned oil giant. However, a number of minority shareholders questioned the conflict of interest arising from the economist’s professional activities.

Pires’s possible resignation had caused tensions in the stock market throughout the day. On Monday, the company’s shares sank 0.85 percent (common shares) and 0.94 percent (preferred shares).