Petrobras Quickly Names Bruno Moretti As Chairman

Petrobras PBR wasted no time naming a new chairman. The company said Thursday its board approved Bruno Moretti to take the role, just a day after Pietro Mendes stepped down. Mendes resigned following his confirmation by Brazil's Senate to join the country's oil and gas regulator.

Moretti already sits on Petrobras' board and serves as special secretary for government analysis in President Luiz Inacio Lula da Silva's chief of staff office. His appointment underscores how closely linked Petrobras' leadership remains to Brazil's political sphere.

In a securities filing, Petrobras said Moretti will serve as chairman until the next general shareholder meeting. The decision was disclosed late Thursday in a Reuters report.

For Petrobras, the quick handoff helps avoid uncertainty at the top at a time when the company is juggling political and market pressures from debates over fuel pricing to big-ticket offshore projects. For investors, the appointment signals continuity and Lula-aligned stability, at least in the short term.