Braskem to Get New Chairman

Brazilian petrochemical firm Braskem SA (BAK) said on Friday it will hold a general meeting on Aug. 4 to appoint a new chairman, after its current chairman was arrested for alleged involvement in a corruption scheme.

The new chairman will be Newton de Souza. He will replace Marcelo Odebrecht, chief executive officer of construction company Odebrecht SA, who was arrested last month for alleged involvement in a kickback scheme at state-run oil company Petrobras.

(Reporting by Juliana Schincariol; Editing by Lisa Shumaker)