Pdvsa's Giusti resigns following elections

State-owned Petroleos de Venezuela SA (Pdvsa) Pres. Luis Giusti says he will step down from his post on Feb.1, 1999, 1 day before the inauguration of new Venezuelan President Hugo Ch vez Frias and a full year before Giusti completes his third 2-year term at the helm of one of the world's leading oil companies. Giusti's decision to quit came as no surprise, given that President-elect Ch vez has strongly criticized Pdvsa and announced his intention to revise the company's spending plans (OGJ, Dec. 21, 1998, p. 32). Ch vez had repeatedly said he planned to fire Giusti and reshape the company's leadership. He also said Pdvsa will be placed under tighter government contro...

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