Petrobas CEO Steps Down After Just 40 Days

Jose Mauro Coelho resigned as chief executive of Brazilian state-controlled oil giant Petrobras after 40 days.

Coelho was already fired by Brazilian President Jair Bolsonaro in May but recently resigned due to the negative reaction garnered by the new fuel price hike.

“Petrobras may plunge Brazil into chaos. Its chief executive, directors, and board members know very well what happened when truckers went on strike in 2018, with the nefarious consequences for Brazil’s economy and the life of our people,” said Bolsonaro last week.

A congressional inquiry has already been planned for Petrobras to give light on the recent fuel price hike. 

Coelho’s predecessors, Joaquim Silva e Luna and Roberto Castello Branco have also met similar fates due to fuel pricing with the exception of having support from Bolsonaro.

Petrobras exploration and production director Fernando Borges has been appointed as interim chief while a new CEO is being selected. 

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