JPMorgan downgrades Petrobras shares to neutral on CEO resignation

(Reuters) – Analysts at JPMorgan Chase & Co have downgraded shares in Petroleo Brasileiro SA to neutral following the resignation of Pedro Parente as chief executive officer, “until we have a better understanding of what this means for the company and its governance.”

The fact that no other executives resigned is positive for Petrobras, as the company is known, JPMorgan analyst Rodolfo Angele said in a note to clients, adding: “The process and nomination of the new CEO will be critical for Petrobras going forward.”

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