Brazilian President Luiz Inacio Lula da Silva may soon discover that swapping the CEO of Petrobras is not enough to turn the state-run oil company into the engine for job creation and development it was during his first 2002-2010 terms.
Brazilian President
Luiz Inacio Lula da Silva may soon discover that swapping the
CEO of Petrobras is not enough to turn the state-run
oil company into the engine for job creation and development.
The chief executive of Brazilian state-run oil company Petrobras offered to step down on Tuesday, the company said, sending shares sliding as investors braced for the possibility of more political.
Petrobras CEO Offers Resignation, U S -Listed Shares Tumble usnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from usnews.com Daily Mail and Mail on Sunday newspapers.
RIO DE JANEIRO (Reuters) -The chief executive of Brazil's Petrobras offered to step down, the state-run oil company said on Tuesday, as the government lined up a former regulator for the role, sending shares sliding as investors braced for political interference. Brazilian President Luiz Inacio Lula da Silva will replace the outgoing CEO Jean Paul Prates with Magda Chambriard, the former head of Brazilian oil and gas regulator ANP, according to a securities filing citing the Mines and Energy Ministry. New York-listed shares of Petrobras fell more than 6% in after-hours trading as news broke that Prates was headed for the exit.