Petrobras CEO Resigns After Brazil Fuel Intervention; Shares Plunge

Pedro Parente, the CEO of Brazil’s state-controlled oil giant Petroleo Brasileiro SA who breathed new life into the scandal-plagued company, resigned on June 1, after a paralyzing nationwide trucker strike forced the government to lower diesel prices.

The company, known as Petrobras, said in a statement the board would choose an interim CEO on June 1 and that the company’s other top executives would remain.

Petrobras ADRs plunged as much as 14%, while trading in the Brazil-listed shares was suspended following the announcement.