The board has also named five interim executive directors. The board meeting was held on Friday.

Following this announcement, the company’s share dropped to more than 8%, reports BBC News.

As per the provisions of the Brazilian legislation and Petrobras’ by-law, this selection is valid until the next General Shareholders Meeting, the company said.

Bendine will replace Maria das Gracas Foster, who resigned last week as the company’s CEO along with five other senior executives following a corruption scandal in which officials, contractors and politicians were involved.

Bendine is currently serving as CEO and member of the board of directors of Banco do Brasil.

Additionally, Petrobras’ board of directors elected Ivan de Souza Monteiro, with majority vote, as chief financial officer and chief investor relations officer, in order to replace Almir Guilherme Barbassa.

Monteiro served as Banco do Brasil financial management and investor relations senior vice president since June 2009.

Considered to be one of the largest oil businesses in the world, Petrobras has operations in Asia, Africa and the Middle East.