Chavez Removes PdVSA CFO, Adds Ministers to Board

CARACAS (Dow Jones Newswires), May 26, 2011

Venezuelan President Hugo Chavez removed the finance director of state oil giant Petroleos de Venezuela and added seven new names to the company's board of directors, including two ministers, Thursday.

A decree published in the Official Gazette dropped the name of PdVSA CFO Eudomario Carruyo, who sat on the board of the workers' pension fund. Many opposition lawmakers and union leaders said Carruyo was responsible for handing nearly $500 million from the company pension fund to a former advisor who pled guilty to charges of running a Ponzi scheme in the U.S. earlier this year.

PdVSA has since become one of the plaintiffs in the civil case against former financial adviser Francisco Illarramendi but U.S. officials have warned that much of the money that was given to him may no longer exist.

Among the new board members, the decree named Finance Minister Jorge Giordani, Foreign Minister Nicolas Maduro and Will Rangel, who serves as chief of the oil industry workers' union, or Futpv.

Copyright (c) 2011 Dow Jones & Company, Inc.

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