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Friday, March 19, 2010

Brazil's Rousseff To Step Down As Petrobras Chair

By Gerald Jeffris and Tom Murphy

Dow Jones Newswires

BRASILIA -(Dow Jones)- Presidential aide Dilma Rousseff confirmed Friday that she will step down within the next few days as chairman of the board of government-controlled oil giant Petrobras.

Rousseff told reporters that, beginning in April, she will dedicate herself to her campaign for the Brazilian presidency. Brazilians vote for president in October.

Rousseff said the post of Petrobras board chairman will be taken over by Finance Minister Guido Mantega.

The federal government holds a controlling stake in Petrobras (PBR, PETR4.BR). Traditionally, the post of board chairman is held by a high government official. The company's CEO will continue to be Petrobras President Jose Sergio Gabrielli.

Rousseff is chief-of-staff to Brazilian President Luiz Inacio Lula da Silva. In February, the ruling Workers' Party endorsed Rousseff as its presidential candidate.

Rousseff's likely challenger in the October presidential vote is Social Democrat Jose Serra, currently serving as governor of Brazil's biggest state of Sao Paulo.

Both Rousseff and Serra must resign their government positions by April 3 in order to run as presidential candidates in October.