Petrobras ADRs Sink After Brazil Government Ousts CEO
Petrobras(PBR) Investopedia·2024-05-16 03:45
Key TakeawaysPetrobras CEO Jean Paul Prates was reportedly pushed out by Brazil President Lula da Silva following a dispute over the payment of dividends.Prates had resisted efforts by government-chosen members of the board to withhold an extraordinary dividend payout.Lula has been pushing Petrobras to reduce the amount given to investors and use the money to boost job creation and economic activity in the country. American Depositary Receipts (ADRs) of Petrobras (PBR) sank after the Brazilian government re ...