Brazil’s Petrobras named state banker Aldemir Bendine its new CEO Friday following the resignation of former CEO Maria Graças Foster.
Bendine, 52, has served as CEO of state owned Banco do Brasil since 2009 but has no experience in the oil and gas industry.
Ivan de Souza Monteiro, senior vice president of financial management at Banco do Brasil, was named Petrobras’ new CFO and chief investor relations officer.
At least two independent representatives on Petrobras’ board voted against Bendine and criticized his appointment, Reuters said.
“We’ve seen today one more episode of disrespect for the board of directors of Petrobras,” minority shareholder representative Mauro Cunha told Reuters.
Some investors are concerned that Bendine is too close to President Rousseff to make any major changes at the state owned company.
“We see no major managerial improvement compared to the previous administration,” Bradesco BBI analysts said in a client note.
Petrobras is currently the most indebted oil and gas company in the world with about $110 billion in net debt, the New York Times said.
Four current Petrobras employees were promoted to senior positions on an interim basis.
Solange da Silva Guedes was named exploration and production officer, Jorge Celestino Ramos was named downstream officer, Hugo Repsold Júnior was named gas and power officer and Roberto Moro was named engineering, technology and procurement officer.
Foster and five other senior executives resigned last week amid an ongoing corruption scandal that has already landed three former executives in jail.
The scale of the corruption is still unknown although Brazilian authorities have claimed kickback and bribery schemes could have diverted anywhere between $3.7 billion to $28 billion from the company.
The U.S. Department of Justice and the U.S. Securities and Exchange Commission have also reportedly opened up investigations into the company although the two agencies have not commented on the mater.