Brazil’s Petrobras approves voluntary retirement program

April 25, 2019

RIO DE JANEIRO (Reuters) – The board of Brazilian state-run oil firm Petroleo Brasileiro SA has approved a voluntary retirement program that it hopes will save 3 billion reais ($752 million) over 5 years, the company said on Thursday.

In a filing, Petrobras, as the firm is known, said it expected 4,300 employees to take part in the program, which would cost an estimated 1.1 billion reais to implement and would result in cost savings of 4.1 billion reais through 2023.

The board also formally approved the appointment of Andrea Marques de Almeida as chief financial officer, the firm said. Petrobras had preliminarily announced the appointment of Almeida, a former executive at mining company Vale SA, in March.

She is due to take office on May 2.

(Reporting by Gram Slattery; Editing by Chizu Nomiyama)

Comments (No)

Leave a Reply