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Petrobras CEO Resigns as Strikes Take Down Market Favorite

  • Parente pressured by Temer to leave after fuel price protests
  • CFO Monteiro named by company board as interim chief
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Petrobras CEO Resigns as Brazil Strike Targets Fuel Prices
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Pedro Parente resigned as chief executive officer of Brazil’s state-controlled oil company under pressure from President Michael Temer in the wake of a nationwide strike against high fuel prices.

The resignation sent shares in Petroleos Brasileiros SA down as much as 22 percent and caused the Brazilian currency to drop as much as 1 percent against the dollar as investors pondered the effect on Latin America’s largest economy. Temer is seeking a new Petrobras CEO who will be more focused on the nation’s development and less on the market, said Beto Mansur, a lawmaker close to the president, in an interview.