Pedro Parente resigned from his position as CEO of Petrobras on 1 June amidst widespread protests over the Brazilian oil company’s price setting policy and the rising cost of diesel fuel. During Parente’s time as CEO, the Brazilian government announced a change in the country’s fuel pricing process, basing it on the free market. According to various media sources, fuel prices have soared in the country as oil futures hit 3.5-year highs above $80/bbl. Diesel fuel prices have risen more than 50% in the past year alone. On 5 June, oil truckers ended a 10-day strike over fuel prices that had a significant impact on the Brazilian economy.
Parente took over the CEO position in May 2016, when the company was in the midst of a corruption scandal that led to the resignation of former president Luiz Inacio Lula de Silva. He had previously served as Chief of Staff for president Fernando Henrique Cardoso from 1999 to 2003. He also worked as vice president of RBS Group and as CEO at Bunge Brazil.
Ivan de Souza Monteiro, Petrobras’ CFO, will serve as interim CEO until the position can be filled. Montiero previously served as a senior executive at Banco de Brazil.