New Petrobras’ CEO to Recover Company’s Credibility

New Petrobras’ CEO to Recover Company’s Credibility

The new president of Brazil’s state oil company Petrobras, Pedro Parente, said on June 2nd during his swearing in ceremony, that in order to improve the company’s performance, the oil giant needs to restore its credibility and recover its economic, financial and social responsibilities, Rio Times Online reported.

The Petrobras scandal has tarnished the image of major political leadership, including of President Dilma Rousseff and former President Luiz Inacio Lula da Silva, who was recently interrogated in connection with the case.

Parente, 63, a former Petrobras Chairman and CEO of the Brazil unit of commodities trading giant Bunge Ltd, was appointed CEO of Petrobras last month by Brazil’s interim president, Michel Temer, The Financial Express wrote. Temer, who is serving in the place of impeached President Dilma Rousseff, has been replacing her appointments with more market-friendly candidates in an effort to kick-start an economy in recession.

To restore credibility and promote the company’s economic recovery Parente has said he will put the state-owned company’s interest above political interests, including going forward with selling assets which are of no economic interest to the company. Last April, the company announced a beefed up voluntary layoff program that could affect up to 12,000 jobs amid intense efforts to cut costs.

As for the on-going Lava Jato investigations, which revealed that millions of dollars worth of bribes were given to Petrobras directors for contracts and benefits, Parente reiterated his commitment to aid all investigations.


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