CEO of Brazil’s oil and gas giant Petrobras steps down following dustup over dividends

The head of Brazil’s Petrobras is stepping down after a fight over dividends, sending share of the state-controlled oil and gas giant down 7%. Petrobras opted not to pay extraordinary dividends to its shareholders earlier this year, souring relations between Petrobras CEO Jean Paul Prates and Brazil’s President Luiz Inácio Lula da Silva. The company said Wednesday that Prates, a former senator for the ruling leftist Workers Party, will be replaced by engineer and former director of Brazil’s oil and gas regulator ANP, Magda Chambriard.