CEO of Brazil’s oil and gas giant Petrobras steps down following dustup over dividends
The head of Brazil’s Petrobras is stepping down after a fight over dividends, sending share of the state-controlled oil and gas giant down 7%
By Associated Press
Published - May 15, 2024, 01:21 PM ET
Last Updated - May 27, 2024, 12:56 AM EDT
RIO DE JANEIRO (AP) — The head of Brazil’s state-controlled oil and gas giant Petrobras has stepped down, the company said in a prepared statement Wednesday, following months of tensions with the federal government.
Petrobras opted not to pay extraordinary dividends to its shareholders earlier this year, souring relations between Petrobras CEO Jean Paul Prates and Brazil’s President Luiz Inácio Lula da Silva.
“Markets and investors already know that the change of command at Petrobras represents more of the (Workers’ Party) government’s clumsy interventionism in the economy,” Sergio Moro, former justice minister in far-right Jair Bolsonaro’s government, said on social media.
