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Brazil's securities industry watchdog to investigate change of Petrobras CEO

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Aluisio Alves
·1 min read
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By Aluisio Alves

SAO PAULO, Feb 21 (Reuters) - Brazil's securities industrywatchdog CVM is expected to launch an investigation on Mondayfollowing the announcement by President Jair Bolsonaro of thechange of CEO at state-controlled oil company Petrobras, according to one source with knowledge of thematter.

Bolsonaro first announced the nomination of former GeneralJoaquim Silva e Luna to replace current CEO Roberto CastelloBranco to head Petroleo Brasileiro SA, as the company isformally known, on social media after the market close Friday.

"We expect the enforcement division to begin aninvestigation", said the source, who requested anonymity becausethe information is confidential.

On Thursday, Bolsonaro had already said in a livetransmission on his Facebook account that he would make changesin the state-run company, and complained about the rise indiesel prices.

Petrobras shares tanked on Friday, with common shares losingalmost 8% and preferred shares slipping 6.6%. The company lost28 billion real ($5.2 billion) in market capitalization.

($1 = 5.3823 reais)(Reporting by Aluisio Alves, writing by Tatiana Bautzer;editing by Diane Craft)