Brazilian oil giant Petrobras confirmed Friday that banking executive Aldemir Bendine has been named its new chief executive, taking over amid a damaging corruption scandal that has tainted the ruling party.
Market reaction was hostile to reports that Bendine, who is seen as close to President Dilma Rousseff's Workers' Party, had been picked to take over from ex-CEO Graca Foster, who resigned Wednesday along with her entire board amid allegations that $4 billion was skimmed off Petrobras contracts and paid out in bribes over the course of a decade.
Bendine, 51, is currently chief executive of state-controlled Banco do Brasil, where he has spent his entire career.