Petro Rio S.A. HRTPF

Reuters

[grover11]

STXNEWS LATAM-HRT jumps on announcement chairman to step down

 

 

Thu Apr 4, 2013 2:24pm EDT

Shares of Brazilian oil and gas company HRT Participações em Petóleo SA have risen 41 percent since March 28, when the company announced a shift in the board leadership.

On the 44th page of an agenda for an upcoming general assembly meeting on April 29, the company announced shareholders will consider John Anderson Willott as a replacement for company founder Marcio Rocha Mello as chairman of the board.

 

Mello will remain a consultant and director president of HRT. He had already stepped down as chief executive in accordance with corporate governance requirements of the company listing on the Novo Mercado segment of the BM&FBovespa exchange.

Shares traded up as much as 18 percent earlier Thursday and were last up 12 percent at 4.48 reais.