Petrobras Adds C-Suite Position, Plans New Strategy

Brazil's Petrobras said late Wednesday that its board of directors had created a new senior management post responsible for strategy, organization and system management to bolster long-term planning efforts and control debt and investment.

The new position increases to eight from seven the number of senior executives on the company's statutory management committee, Petroleo Brasileiro SA, as the company is formally known, said in a securities filing.

The new position is designed to control spending, ensure that investment projects conform with a strategic plan under development and help implement changes to corporate governance and control policies adopted in April, Petrobras said.

The salary of the new senior executive will not require any increase in the total compensation previously approved by the board for senior management, according to the statement.

Reporting by Jeb Blount