Army General Taking Petrobras Helm After Bolsonaro Shakeup
- Directors have stepped down as market-friendly CEO departs
- Investors fret over future fuel price policy, refinery sales
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A general close to Brazilian President Jair Bolsonaro is poised to take the reigns at Brazil’s state-controlled oil giant in a leadership change that has dismayed investors.
With the government holding a majority of voting rights, Joaquim Silva e Luna was named to the board of directors of Petroleo Brasileiro SA in a shareholders meeting on Monday, a formal step before being appointed as chief executive officer. Carlos Alberto de Oliveira, the head of exploration and production, will be the interim CEO until the board selects a replacement, Petrobras said in a statement.