Petrobras CEO Resigns Amid Political Blowback on Fuel Prices

In a separate filing, Petrobras added that its chief exploration and production officer, Fernando Borges, was appointed interim CEO. Borges will become Petrobras’ fourth CEO since Brazilian President Jair Bolsonaro took office in 2019.

Gabriel Araujo, Reuters

The CEO of Brazil’s state-run oil company Petrobras resigned on June 20 in the face of mounting pressure from politicians after the firm announced a fuel price hike last week, adding to inflation concerns in an election year.

Petroleo Brasileiro SA, as the company is formally known, said in a securities filing that CEO Jose Mauro Coelho had resigned on Monday morning.

In a separate filing, it added that its chief exploration and production officer, Fernando Borges, was appointed interim CEO until a new boss is elected and takes office.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access