Petrobras (PBR) said on Monday that CEO Jose Mauro Coelho had resigned and an interim CEO would be appointed for the board's consideration, following a fuel price increase that.
Petrobras CEO resigns amid political blowback on fuel prices hydrocarbonprocessing.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hydrocarbonprocessing.com Daily Mail and Mail on Sunday newspapers.
Bolsonaro, who faces an uphill re-election bid in October amid high inflation and elevated fuel prices, also said he and Lira had discussed opening a congressional investigation into Petrobras' board of directors. Matheus Spiess, an economist at Empiricus, said the move was "clearly negative." "We've already had these shocks during Bolsonaro's government, but lately they have been quite stressful," Spiess said. But Ilan Arbetman, an analyst at Ativa Investimentos, said the move may support Petrobras' shares by decreasing political pressure on the firm and alleviating ongoing uncertainty.
Petrobras CEO quits in fuel price standoff with Bolsonaro enca.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from enca.com Daily Mail and Mail on Sunday newspapers.
The head of Brazil's state-run oil company has stepped down following mounting political pressure over a fuel price hike. Brazilian President Jair Bolsonaro had called the move a betrayal of the Brazilian people.