Petrobras CEO Says He Will Step Down as Brazil’s President Moves in on Oil Giant

SÃO PAULO—The market-friendly chief executive of Brazilian oil producer Petrobras said Thursday he would step down, paving the way for his replacement with an army general as President Jair Bolsonaro fights for greater control of the company.

Economist Roberto Castello Branco, who has won investors’ respect for shrinking Petrobras’s vast debt pile since taking the job at the beginning of 2019, said he would leave Brazil’s biggest company when his term ends on March 20.