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Bloomberg
Petroleo Brasileiro SA jumped on news that its chief financial officer is taking over as interim CEO, offering some continuity to investors rattled by political pressure at the state-controlled oil producer.
Ivan Monteiro was named after the resignation of Pedro Parente, as Brazilian politicians called for a chief executive officer more focussed on the good of the nation than pleasing the market. He’ll be nominated for a board vote as a permanent replacement, Brazil President Michel Temer said.
Petrobras rose as much as 8.5 percent in Sao Paulo, after a tumultuous week that saw shares rise and fall by double digit percentages. Shares are still down by a third since a trucker strike protesting high fuel prices brought the Brazilian economy to a halt. While Monteiro has gained Temer’s nod for a permanent job, “everyone is a placeholder,†with a presidential election looming in October, said Fernando Valle, a Bloomberg Intelligence energy analyst in New York.
The Parente resignation “was about appeasing a little bit of the ill will that had built against Petrobras†in the community, Valle said.