PetroEcuador management changes hands, again

State-owned PetroEcuador has appointed Marcelo Proano as interim chief executive to replace Carlos Tejada, who resigned for personal reasons after 10 months in the role. Former PetroEcuador transport manager Proano is the corruption-plagued firm's eighth chief executive in the past 41 months. Former chief executives Marco Calvopina, Carlos Pareja Yannuzzelli and Alex Bravo are in jail for racketeering or bribery. A fourth, Pedro Merizalde, has fled the country while being investigated for alleged perjury and money laundering. All served under former president Rafael Correa's 10-year administration, which ended in May 2017. Correa's successor Lenin Moreno has launched a four-year plan to fight corruption, reduce bureaucracy and cut public spending.