Brazil's Braskem has appointed Petrobras chief executive Magda Chambriard as chair of its board of directors, following a decision taken at the company's shareholders' meeting on 29 April, the petrochemical producer said.
The appointment was made under the slate of directors nominated by Petrobras, which is Braskem's second-largest shareholder, and aligns with the new governance framework currently in place at the company. Braskem said the new board will serve for the term set out in its bylaws, and the company did not announce any changes to executive management.
Petrobras confirmed the nomination, saying the appointment reflects the governance arrangements agreed with Braskem and reinforces cooperation between the two companies. The oil major did not provide further details on the scope of the chair's role.
Braskem is in the middle of a control transition following fellow conglomerate Novonor's agreement to sell its controlling stake to the IG4 fund, ending its long-standing position as Braskem's controlling shareholder.
As part of that transaction, Braskem is moving to a shared-control structure, in which IG4 and Petrobras hold key governance rights. Under the new model, neither shareholder exercises unilateral control, and strategic decisions require alignment between the parties, while Braskem's management and day-to-day operations remain unchanged.
