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.
