Petrobras Executive Exodus Clouds Emergence From Graft Case

The resignation of Petroleo Brasileiro SA’s senior management team sowed more confusion about the future leadership of the company as a widening corruption probe shuts it out of debt markets and jeopardizes investment plans.

State-run Petrobras’ board will meet Friday to elect replacements for Chief Executive Officer Maria das Gracas Foster, who isn’t implicated in the allegations, and five of her managers. Shares, which surged 15 percent Tuesday as management overhaul speculation mounted, swung between gains and losses before closing up 0.2 percent to 10.02 reais.