Brazil's Braskem SA nominated the company's current president overseeing United States and Europe operations Fernando Musa as the new global CEO, replacing Carlos Fadigas, the company announced May 2.
Braskem tied the transition to the start of operations of its $5 billion Mexican petrochemical complex Ethylene XXI in March, marking “the completion of an important stage in the company's internationalization process,” the company said via press statement.
Musa's nomination still has to be approved by the company's board of directors. Fadigas, who led the company for the last five years, will continue to work in Odebrecht, Braskem's largest shareholder. He'll focus specifically on supporting Braskem's new cycle of international expansion, according to a company statement.
Odebrecht's former CEO Marcelo Odebrecht is in prison, accused of involvement in a corruption scheme at state-run oil and energy firm Petroleo Brasileiro SA, or Petrobras.
Braskem said Musa's priorities will be to advance international expansion, strengthen competitiveness across all operations and identify new investment opportunities in Brazil and abroad, while upholding the company's commitment to its financial health.