Peruvian President Jose Jerí appointed a new chairman and board at Petroleos del Peru SA in a bid to shore up the state-owned oil company.
Luis Canales Galvez was named chairman and president and the board of directors was overhauled, the company said in a statement Saturday. Canales replaces interim chair Fidel Moreno, who served for less than a month.
Finance Minister Denisse Miralles had signaled the overhaul in a Gestion newspaper interview on Oct. 31, describing Petroperu as a strategic state asset while saying it can’t continue generating costs for the government.
She said the new board will be asked to present a fast plan with short-term measures to improve the company.
Jeri, who took office after lawmakers voted on Oct. 10 to oust former President Dina Boluarte, has a significantly higher popularity rating than his predecessor. His interim administration is scheduled to end in July.
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