(Bloomberg) — Brazil’s President Luiz Inacio Lula da Silva fired Jean Paul Prates, the chief executive of the country’s state-owned oil company, Petroleo Brasileiro SA, following a dispute over dividend payments.
Most Read from Bloomberg
The firing was confirmed by people familiar with the matter, who asked not to be identified discussing private matters. Petrobras, as the company is also known, said late Tuesday in a statement that Prates is expected to officially resign at an upcoming board meeting.
Lula plans to nominate Magda Chambriard, the former head of Brazil’s oil and gas regulator, to replace Prates, according to a person familiar with the matter. Petrobras’s American depositary receipts dropped more than 6% after the close of regular trading in New York.
The announcement brings to an end months of speculation that his days at the helm of Petrobras were numbered as he…
