The head of Brazil’s Petrobras is stepping down after a fight over dividends, sending share of the state-controlled oil and gas giant down 7%. Petrobras opted not to pay extraordinary dividends to its shareholders earlier this year, souring relations between Petrobras CEO Jean Paul Prates and Brazil’s President Luiz Inácio Lula da Silva.
RIO DE JANEIRO — The head of Brazil ’s state-controlled oil and gas giant Petrobras has stepped down, the company said in a prepared statement Wednesday, following months of tensions with the federal government.
Lula had defended that decision, calling the market a “voracious dinosaur” after shares plunged following the announcement regarding dividends. The company’s shares plunged another 7% on Prates’ departure.
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