Petroperu Reshuffles Board Amid Leadership Shakeup

Petroperu, the state oil company of Peru, announced the appointment of four new board members, including a new chairman, following the immediate resignation of the previous board. The changes occurred under specific legal provisions allowing swift leadership transitions.

The Peruvian state oil firm Petroperu has undergone significant leadership changes, appointing four new board members, including a new chairman. These appointments followed the sudden resignation of four previous board members, as confirmed in a regulatory filing last Saturday.

Among those who stepped down on November 15 were Chairman Fidel Augusto Moreno Rodriguez, David Quispe Figueroa, Jose Luis Carlos Balta Chirinos, and Cesar Rodriguez Villanueva. Petroperu quickly named Luis Alberto Canales Galvez as the new chairman, alongside three additional directors: Elba Rosa Rojas Alvarez de Mares, Jesus Valentin Ramirez Gutierrez, and Oscar Gerardo Zapata Alcazar.

This swift reshuffle was executed under Law 32103 and Emergency Decree 004-2024, allowing the company to bypass standard selection procedures for immediate board recomposition. Shareholders will later assess if the new board members meet the criteria for 'independent directors.'

(With inputs from agencies.)