Brazil s Bolsonaro to oust Petrobras CEO after fuel pricing spat - Netscape Money & Business netscape.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from netscape.com Daily Mail and Mail on Sunday newspapers.
By Gram Slattery, Sabrina Valle and Rodrigo Viga Gaier
RIO DE JANEIRO, Feb 19 (Reuters) - Brazilian President Jair Bolsonaro moved to replace the head of state-run oil company Petrobras, naming a retired army general with no oil and gas experience as CEO after weeks of clashes with the current chief executive over fuel price hikes.
In a late Friday statement from the Mines and Energy Ministry, first shared on Bolsonaro s Facebook page, the government said it had decided to appoint former Defense Minister Joaquim Silva e Luna to run Petroleo Brasileiro SA , as the firm is known formally.
Current CEO Roberto Castello Branco, backed by investors for his efforts to sell underperforming assets and cut debt, would be the second Petrobras leader in three years to fall over the political fallout from fuel pricing. In 2018, then-CEO Pedro Parente resigned when the government forced fuel prices lower in a concession to striking truckers.
Brazilian President Jair Bolsonaro on Friday sacked a market-friendly economist as CEO of Petrobras and named a retired general to replace him, following on disputes over diesel prices that threatened a major teamsters stoppage.
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