Colombian state-controlled oil company Ecopetrol SA, Fossil Group, Inc., Fisker Inc., and Brazil's state oil company Petrobras have all faced controversy regarding the appointment of new board members and the dismissal of the CEO. In the case of Ecopetrol, shareholders approved new directors despite concerns raised in an internal report about their lack of experience to oversee the company. The newly elected directors include an ex-union leader, two former senators, and Deputy Environment Minister Lilia Tatiana Roa. The internal report described Roa as 'supporting community proposals to resist extractivism' [8f68e590]. This approval raises questions about the qualifications and expertise of the board members entrusted with overseeing Ecopetrol, highlighting potential risks for the company's future [8f68e590].
Meanwhile, Fossil Group has entered into a Cooperation Agreement with Buxton Helmsley Active Value Fund, L.P. and Buxton Helmsley Capital Partners LLC, collectively known as Buxton. Under this agreement, Fossil Group has agreed to appoint Pamela B. Corrie as a new member of its board of directors and the Nominating and Corporate Governance Committee. The appointment is to be made as soon as practicable. The Cooperation Agreement stipulates that until the earlier of the date of the 2025 Annual Meeting of Stockholders or a change in the control of the company, the board will not exceed ten directors. This includes a maximum of nine independent directors. Additionally, Buxton has agreed to certain standstill restrictions and voting commitments as part of the agreement. Buxton's right to participate in the selection of a replacement Investor Director, should Ms. Corrie resign or be removed, is contingent on the investment group maintaining a 'net long position' in Fossil Group's outstanding common stock, as per the terms at the time of the agreement's signing [923e5ad0].
In the case of Fisker Inc., the company has appointed John S. Dubel to its board of directors, effective immediately. Dubel's appointment comes after William R. McDermott resigned from the board and the Audit Committee on March 28, 2024. Fisker Inc. is currently undergoing a strategic review and exploring various alternatives, including restructurings, capital markets activities, asset sales, or other strategic deals. As a result, the company has withdrawn all previously issued financial and operational guidance for 2024 and will not provide updated guidance during this period [e992b0cd].
In Brazil, the CEO of state oil company Petrobras, Jean Paul Prates, has been dismissed by the government. The move comes after a dispute between Petrobras and shareholders over dividend payments, raising concerns about government influence. Prates, a former state senator and ally of President Luiz Inacio Lula da Silva, was appointed in January 2024. The government intends to nominate former top regulator Magda Chambriard as the next CEO, pending board approval. Chambriard previously led Brazil's oil and natural gas agency from 2008-2016. Petrobras, which is majority-owned by the Brazilian state, faced criticism for not paying an extraordinary dividend to investors. The company eventually approved the dividend payment in late April [e224a5cd].
Magda Chambriard, the new CEO of Petrobras, reassures investors about increasing investments and guaranteeing returns for shareholders. Chambriard, who was formally appointed last week, aims to address concerns about government intervention in the company. President Luiz Inacio Lula da Silva wants Petrobras to spend more on expansion and job creation. The government controls the company's board through a majority of voting shares. Chambriard emphasizes the need to accelerate exploration off Brazil's coast, including the Pelotas Basin and the equatorial margin near French Guiana. She criticizes licensing delays for drilling in the environmentally sensitive equatorial margin. Chambriard also mentions Petrobras' commitment to shielding consumers from short-term oil price fluctuations and focusing on production costs rather than international price levels. Petrobras had previously canceled a program to sell refineries and may repurchase some facilities [7c89eff4] [e224a5cd].
Brazilian President Luiz Inacio Lula da Silva seeks to ease investor concerns about Petrobras' direction, stating that nobody wants the company to be a loss-making company. Madga Chambriard is sworn in as Petrobras' new CEO, pledging robust results and good governance. Chambriard announces plans to develop new offshore oil regions and focus on refining, petrochemicals, and fertilizer production. Petrobras shares have fallen nearly 20% since the firing of former CEO Jean Paul Prates. Lula supports greater domestic oil production while positioning himself as a climate leader. Chambriard appoints three directors with a history in Brazil's state-run firms [483e42c6] [e224a5cd].
Ecopetrol, the largest company in Colombia and one of the main integrated energy companies in the American continent, has announced senior management changes. The Board of Directors approved the appointments of Sandra LucĂa RodrĂguez as the Corporate Vice President of Territorial Transformation and Health Safety and the Environment, Jaime Pineda as the Vice President of Administration and Services, Germán González as the Secretary General, and Javier Cárdenas as the Vice President in charge of Finance and Sustainable Value. These changes are part of the implementation of the new organizational structure and will be effective from July 1, 2024. MarĂa Catalina Escobar, the current Corporate Vice President of Finance and Sustainable Value, has resigned from the company. Ecopetrol is involved in hydrocarbon production, transportation, logistics, refining, petrochemicals, gas distribution, energy transmission, and power transmission in various countries. The company's growth prospects are subject to market conditions, regulations, competition, and the performance of the Colombian economy and the industry.