U.S. Markets closed
  • S&P 500

    4,128.80
    +31.63 (+0.77%)
     
  • Dow 30

    33,800.60
    +297.03 (+0.89%)
     
  • Nasdaq

    13,900.19
    +211.39 (+1.54%)
     
  • Russell 2000

    2,243.47
    +20.42 (+0.92%)
     
  • Crude Oil

    59.34
    -0.26 (-0.44%)
     
  • Gold

    1,744.10
    -14.10 (-0.80%)
     
  • Silver

    25.33
    -0.26 (-1.02%)
     
  • EUR/USD

    1.1905
    +0.0031 (+0.2619%)
     
  • 10-Yr Bond

    1.6660
    +0.0340 (+2.08%)
     
  • Vix

    16.69
    -0.47 (-2.74%)
     
  • GBP/USD

    1.3707
    -0.0031 (-0.2248%)
     
  • USD/JPY

    109.6300
    -0.2000 (-0.1821%)
     
  • BTC-USD

    59,682.95
    -1,281.20 (-2.10%)
     
  • CMC Crypto 200

    1,235.89
    +45.20 (+3.80%)
     
  • FTSE 100

    6,915.75
    +30.43 (+0.44%)
     
  • Nikkei 225

    29,768.06
    +37.26 (+0.13%)
     

Brazil market regulator CVM opens investigation into Petrobras CEO change announcement

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
FILE PHOTO: Castello Branco, the CEO of Brazil's state-run oil company Petrobras, is seen at a ceremony marking his taking over the firm, in Rio de Janeiro
  • Oops!
    Something went wrong.
    Please try again later.

SAO PAULO (Reuters) - Brazil's securities regulator CVM is investigating the management changes at state-run oil company Petroleo Brasileiro SA, its website showed on Monday, following President Jair Bolsonaro's announcement last week that he will replace chief executive Roberto Castello Branco.

The post on the CVM website gave no details about the investigation, but comes after Petrobras shares plunged more than 20% on Monday following Bolsonaro's announcement.

Under Brazilian securities law, listed companies must communicate important information via securities filings, which did not happen when the president decided to replace Petrobras CEO. He mentioned that in interviews and the nomination of a replacement to current CEO Roberto Castello Branco in this case. Executive changes must be approved by the board of directors, which did not happen here either.

(Reporting by Aluísio Alves; Writing by Jamie McGeever)