Petrobras rebounds from rout as Monteiro takes over as CEO

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.