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Brazil Petrobras Names 2 New Executive Directors

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RIO DE JANEIRO -- The board of Brazilian state-controlled oil and gas producer Petroleo Brasileiro SA, or Petrobras, has named two new executive directors as the company's new Chief Executive Maria das Gracas Foster puts her stamp on the company's management team.

The board has nominated Jose Carlos Cosenza, currently refinery executive manager, to replace the current supplies director Paulo Roberto Costa, Petrobras said in a statement late Friday.

Richard Olm, currently executive manager of production development projects, has been nominated to replace the current engineering, technology and materials director Renato de Souza Duque, Petrobras said.

Consenza has 36 years' experience at Petrobras, having occupied various positions in the supplies and international areas.

Olm has 33 years' experience at Petrobras, and has occupied positions in the exploration and production and gas and energy areas, Petrobras said.

Petrobras's international area executive director Jorge Zelada is also expected to leave the company, and "may stay another two weeks," according to a company press officer. The company declined to comment on Costa's and Souza Duque's next moves.

Copyright (c) 2012 Dow Jones & Company, Inc.

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