Following the CEO’s resignation, which has been reportedly accepted by Brazil President Dilma Roussef, shares of the national oil company have jumped approximately 16%.
The move comes following the arrest of the company’s several executives and suppliers, reports BBC News.
The Petrobras board will meet on Friday to decide on new executives, the company said.
The company officials were allegedly invovled in cases of price-fixing and bribes. The Brazil’s ruling party had also been implicated in the scandal.
More than $800m in bribes and other illegal funds have been uncovered by prosecutors and potential charges have been issued on more than 80 people, including three former executives of the company.
Additionally, more than 200 businesses are being assessed.
Considered to be one of the largest oil businesses in the world, Petrobras has operations in Asia, Africa and the Middle East.
Meanwhile, the drop in global oil prices has also affected Petrobras’ long-term investment plan.
