Petrobras shares plunge as Brazil's Lula swaps CEO

Shares of Brazil's state-run oil firm Petrobras fell by 8% following the announcement that CEO Jean Paul Prates would be replaced by former regulator Magda Chambriard, aligning more closely with President Luiz Inacio Lula da Silva's policies. This change has raised concerns among analysts about potential increased political interference in the company, affecting its investment strategy and shareholder returns. This marks the fourth CEO change in four years due to political reasons, signaling instability in Petrobras' leadership.