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Pedro Parente has just resigned from Petrobras

Paulo Nogueira
01-06-2018 11:58:13
in Uncategorized
Pedro relative resigns from Petrobras

The current president of Petrobras could not withstand popular and union pressure and ended up resigning from the state-owned company

Petrobras announced this Friday (1) that Pedro Parente resigned as president of the company. “The appointment of an interim CEO will be examined by Petrobras' Board of Directors throughout today. The composition of the other members of the company's executive board will not undergo any change," the state-owned company said in a statement. The resignation comes amid the strain and pressure suffered by Parente during the oil workers' strike and criticism of Petrobras' fuel pricing policy.


Read Pedro Parente's resignation letter

“Your Excellency President of the Republic,

When Your Excellency extended the honorable invitation to me to be president of Petrobras, we talked at length about my vision of how I could work to recover the company, which was going through serious difficulties, without capital contributions from the Treasury, which at the time was mentioned to be indispensable and in the order of tens of billions of reais. Your Excellency fully agreed with my vision and granted me the necessary autonomy to carry out such a difficult mission.

During the period in which I was president of the company, I had the full support of its Board. Petrobras' trajectory during this period was closely followed by the press, public opinion, and its investors and shareholders. The results obtained reveal the success of the set of measures we adopted, which go far beyond the price policy.

I make a calm judgment of my performance, and I feel authorized to say that what I promised was delivered, thanks to the selfless work of a team of executives, managers and the support of a large part of the company's workforce, always, I repeat , with the decisive support of its Council.

Petrobras is today a company with a recovered reputation, safety indicators in line with the best companies in the sector, very positive financial results, as demonstrated by the last published result, debt on a clear trajectory of reduction and a strategic planning that has been able to make the company invest in a responsible and lasting way, generating jobs and wealth for our country. And all this without any capital contribution from the National Treasury, according to our initial conversation. It seems to me, therefore, that the foundations of a virtuous trajectory for Petrobras are laid.

The truck drivers' strike and its serious consequences for the country's life triggered an intense and sometimes emotional debate about the origins of this crisis and put Petrobras' pricing policy under intense questioning. Few can see that it reflects shocks that hit the global economy, with its effects on the country. Movements in the price of oil and exchange raised the prices of derivatives, magnified the distortions of taxation in the sector and led the government to seek alternatives for the solution of the strike, defined by the granting of a subsidy to the diesel consumer.

I have reflected a lot on everything that has happened. It is clear, Mr. President, that further discussions will be necessary. And, given this situation, it is clear that my stay in the presidency of Petrobras has ceased to be positive and to contribute to the construction of alternatives that the government has ahead of it. I have always tried to demonstrate, in my trajectory in public life, that, above all, my commitment is to the public good. I have no attachment to positions or positions and I will not be an obstacle for these alternatives to be discussed.

Therefore, by means of this letter, I present my resignation from the position of President of Petrobras, irrevocably and irreversibly. I make myself available to make the transition for the period necessary for the one who will replace me.

Your Excellency has been impeccable in terms of professional management at Petrobras. Allow me, Mr. President, to register my suggestion that, in order to continue with this historic contribution to the company — which was managed during this period without any political interference — Your Excellency should rely on the corporate rules, which have been so much improved in these two years. , and the contribution of the Board of Directors to the choice of the new president of Petrobras.

A few Brazilians were given the honor of presiding over Petrobras. I am fully aware of this and am very grateful that, for a period of two years, this unique honor has been conferred on me by Your Excellency.

Finally, I would like to express my gratitude to the Board of Directors, my colleagues on the Executive Board, my direct support team, the other company managers and the entire workforce that make Petrobras the great company it is, the pride of all Brazilians.


Pedro Parente” – source the GLOBE


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Paulo Nogueira
With technical training, I worked in the offshore oil and gas market for a few years. Today, my team and I are dedicated to bringing information from the Brazilian energy sector and the world, always with credible and up-to-date sources.