Politics Brazil Petrobras CEO resigns due to pressure on gas...

Brazil Petrobras CEO resigns due to pressure on gas prices

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Sao Paulo (AP) – The chief executive of Brazilian state oil giant Petrobras resigned on Monday amid political pressure from top lawmakers and President Zaire Bolsonaro. Jose Mauro Coelho has been in the job for less than two months.

Coelho has decided to resign as lawmakers in the capital, Brasilia, are openly debating whether to set up a congressional hearing on Petrobras.

Bolsonaro has already announced that he will fire Coelho on May 25, but Petrobras executive stockholders refused to leave until Monday before voting on his successor.

The move comes as Bolsonaro faces an uphill battle for re-election and rising gas prices have reduced the chances of former President Luiz Inacio Lula da Silva surpassing all poles.

Petrobras said in another filing that Director Fernando Borges will be acting chief-executive until Bolsonaro’s appointment is approved by one of the company’s councils.
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Coelho was appointed to replace retired Army General Joaquim Luna e Silva, who was fired in March amid political pressure over rising gas prices.

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