Brazil President Lula Fires Petrobras CEO After Dividend Dispute

Brazil's President Luiz Inacio Lula da Silva dismissed Petrobras CEO Jean Paul Prates and CFO Sergio Caetano Leite following disagreements over dividend payments. Lula plans to appoint Magda Chambriard, former head of Brazil’s oil regulator, as the new CEO. The decision led to an 8.3% drop in Petrobras' preferred shares, reflecting market concerns about potential increased political interference in the company.