CEO of Brazil's Petrobras steps down after dividend dispute
Petrobras opted not to pay extraordinary dividends to its shareholders earlier this year, souring relations between Petrobras CEO Jean Paul Prates and Brazil's President Luiz Inacio Lula da Silva.
: The head of 's state-controlled has stepped down, the company said in a prepared statement Wednesday, following months of tensions with the federal government.Petrobras opted not to pay extraordinary dividends to its shareholders earlier this year, souring relations between and Brazil's President Luiz Inacio Lula da Silva.
Lula had defended that decision, calling the a "voracious dinosaur" after plunged following the announcement regarding dividends. The company's shares plunged another 7% on Prates' departure.
"Markets and investors already know that the change of command at Petrobras represents more of the (Workers' Party) government's clumsy interventionism in the economy," , former justice minister in 's government, said on social media.
Source: Stocks-Markets-Economic Times
