Brazil’s president names new Petrobras CEO

Petrobras’ board said it had named Monteiro as interim CEO at a rapidly organized meeting on Friday, and Temer recommended him to take on the job on a longer-term basis later in the day. However, with elections looming, Monteiro’s tenure is likely to end in December when the president leaves office.

Shares in Petrobras, Latin America’s biggest oil producer, closed down 15 percent on Friday, wiping some 40 billion reais ($11 billion) from the company’s capitalization.

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