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Guido Mantega steps down from Petrobras' Board

Xinhua, March 27, 2015 Adjust font size:

Brazilian former Finance Minister Guido Mantega has resigned from his position as president of Petrobras' Administration Board, the company announced on Thursday.

During a board meeting on Thursday, counselor Luciano Coutinho was elected to replace Mantega.

Coutinho has been on the Administration Board since 2008. He has also been the chief of Brazil's Development Bank (BNDES) since 2007.

Guido Mantega served as Brazilian Finance Minister from 2006 to the end of President Dilma Rousseff's first term, in December 2014. He was replaced by Joaquim Levy at the ministry.

Seven of the 10 members on Petrobras' board are appointed by the federal government, which has the majority of the company's stocks.

It has been the fourth change in Petrobras' board this year.

Graca Foster, Petrobras' CEO and a member of the council, was replaced in January, amid the scandal of a large bribery scheme involving the company. She was replaced by Aldemir Bendine, former head of state-owned bank Bank of Brasil. Endi