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Reelection of Petrobras CEO

Source: 3/27/2017, Location: South America

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Petroleo Brasileiro S.A, Petrobras reports that in the meeting held yesterday Petrobras' Board of Directors approved the reelection of CEO Pedro Pullen Parente for a two-year term in the Company's Executive Office.

Mr. Pedro Parente had been elected CEO as of May 31, 2016, following the term in office of the previous CEO, Mr. Aldemir Bendine. A new two-year term begins with this reelection.

The election process followed the rules of Petrobras Nomination Policy for the Members of the Fiscal Council, Board of Directors and Executive Office, including the review of integrity analyzes and the fulfillment of such other requirements for the position. The Nominating, Compensation and Succession Committee of Petrobras' Board of Directors evaluated all relevant documentation and recommended the approval of the new term in office to the Company's Board of Directors.

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