Brazil's Petrobras gets new boss in latest executive shakeup

Senior Brazilian economy ministry official Caio Mario Paes will be the next chief executive of Brazil's state-run oil company Petrobras, the government said late on Monday, replacing a predecessor who served less than two months in the job.

Paes will replace outgoing Chief Executive Jose Mauro Ferreira Coelho, who was picked to lead Brazil's leading oil company in early April.

The mining and energy ministry said in a statement announcing the leadership shakeup that Brazil is facing extreme volatility in the oil and gas market, in addition to other geopolitical challenges. It did not specify the reason for the leadership change.