Brazil Appoints Chairman Interim Head of Petrobras

Petrobras CEO Pedro Parente stood down June 1, tendering his resignation to the country's president. As the controlling shareholder, the government appointed engineer and Petrobras chairman Ivan Monteiro (below) to be acting CEO the same day, until a permanent replacement is found for Parente.

The BBC reported that Parente resigned, following a nationwide strike against high diesel prices by lorry drivers that caused huge disruption. Parente was brought in to head the Brazilian oil and gas giant in May 2016 after corruption scandals enveloped both the company and leading politicians. This helped shore up Petrobras' share price.

Monteiro was vice president of financial management and investor relations at Banco do Brasil from 2009 to 2015, where he had also held several other positions previously, including commercial director.

Ivan Monteiro (Photo credit: Petrobras)