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

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Brazil's securities industry watchdog CVM is expected to launch an investigation on Monday following the announcement by President Jair Bolsonaro of the change of CEO at state-controlled oil company Petrobras, according to one source with knowledge of the matter.

FILE PHOTO: Roberto Castello Branco, CEO of Petroleo Brasileiro S.A. , speaks during a compliance event in Rio de Janeiro, Brazil December 9, 2019. REUTERS/Sergio Moraes/File Photo

Bolsonaro first announced the nomination of former General Joaquim Silva e Luna to replace current CEO Roberto Castello Branco to head Petroleo Brasileiro SA, as the company is formally known, on social media after the market close Friday.

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