Another Petrobras director to quit as shares slide

Petrobras said in a filing on Wednesday that a fifth member also did not want to continue.

RIO DE JANEIRO: A fifth board member at Brazil’s Petrobras will step down, the company said as of yesterday, and the state-run oil producer’s shares tumbled more than 3% as management turmoil showed no signs of abating.

A day earlier, four other board members stepped down at Petroleo Brasileiro SA, as the company is formally known. Their messages, disclosed in a company securities filing late on Tuesday, gave their reasons for effectively resigning a week and a half after Brazil President Jair Bolsonaro said he was ousting the Petrobras CEO Roberto Castello Branco following a string of fuel price increases.