Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Petrobras CEO Bendine offers resignation; replacement passes test

Published 05/30/2016, 02:00 PM
Updated 05/30/2016, 02:10 PM
© Reuters. Petroleo Brasileiro S.A. (PETROBRAS) CEO Aldemir Bendine attends a news conference in Rio de Janeiro

© Reuters. Petroleo Brasileiro S.A. (PETROBRAS) CEO Aldemir Bendine attends a news conference in Rio de Janeiro

By Marta Nogueira

RIO DE JANEIRO (Reuters) - Aldemir Bendine, chief executive officer of Brazil's state-led oil company Petroleo Brasileiro SA (SA:PETR4), offered his resignation on Monday and is set to be replaced by Pedro Parente, a source with direct knowledge of the situation told Reuters.

The hiring of Parente, nominated to replace Bendine by Interim President Michel Temer on May 19, awaits approval by the board after he passed a background check, said the source, who requested anonymity as the matter is private.

Parente could become the new CEO later on Monday, the source said.

"The board is already behind Parente, all that was missing was an actual open job (occupied by Bendine) to give to him," the source said. Final approval for Parente will likely be given electronically, without having to call together the board physically, the source added.

Parente will also occupy the board of directors position occupied by Bendine.

The swearing in of Parente was expected on Tuesday, but no date has been set by the company.

Parente, 63, has an engineering degree and was planning minister and presidential chief of staff in the government of Brazilian President Fernando Henrique Cardoso.

He is a former CEO of the Brazilian unit of commodities trading giant Bunge Ltd (N:BG) and is chairman of Brazil's BM&FBovespa SA (SA:BVMF3), Brazil's largest stock and commodities market.

During the Cardoso administration he also served on Petrobras' board.

The source said that board member Luciano Coutinho, president of state-owned development bank BNDES, would also resign his seat.

Coutinho is likely to be replaced by Maria Silvia Bastos Marques, appointed to succeed him at BNDES, which is one of Petrobras' largest lenders and a major shareholder, the source added.

Top ministerial posts and many top government jobs have been changed by Interim President Temer, who took over after Brazil's Senate agreed earlier this month to suspend impeached President Dilma Rousseff from office for allegedly breaking budget laws.

© Reuters. Petroleo Brasileiro S.A. (PETROBRAS) CEO Aldemir Bendine attends a news conference in Rio de Janeiro

Chief Financial Officer Ivan Monteiro, who joined Petrobras with Bendine, a Rousseff appointment in February 2015, is expected to stay in his position, the source said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.