In a statement released on Wednesday, Petrobras said "its board of directors will meet Friday to elect a new leadership” following the resignation of the company’s CEO, Maria das Graças Silva Foster, as well as its five directors.
The move follows a Tuesday meeting with Brazilian President Dilma Rousseff, which is believed to have been focused on the resignation of the firm’s officials.
Petrobras has been hit by allegations of involvement in a huge corruption scandal, tarnishing the company’s financial standing.
Prosecutors have reportedly uncovered documents on some USD 800 million in illegal funds such as bribes and kickbacks and price-fixing.
Rousseff, who served as the head of Petrobras before taking office in 2010, also faces criticism for failing to act against corruption during her tenure at the oil company and later as the Brazilian president.