Petrobras CEO Steps Down Amid Corruption Scandal

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – After months of scandals which have led to a strong devaluation of Petrobras’ shares and a downgrade by a major credit rating company, its CEO, Maria das Graças Foster, resigned this morning (February 4th) after rumors flew around yesterday about her leaving at the beginning of March. In addition to Foster five board members also handed in their resignations.

Brazil’s national daily, O Globo, reported that Foster’s departure was sealed during a meeting with President Dilma Rousseff on Tuesday, in Brasília, despite the silence coming from . . .

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