CEO of Brazil state-run oil firm Petrobras resigns

The chief executive of Brazil´s state-controlled oil giant Petrobras decided to step down from his post Friday (June 1). The decision was made public in an urgent announcement to the market. Parente met with President Michel Temer at the Planalto presidential palace.

After Parente’s decision to resign was made public, a plunge was observed at the São Paulo stock exchange - José Cruz/Arquivo/Agência Brasil

The statement released by Petrobras says that “the appointment of an acting CEO will be considered by the firm’s managing board later today. The remaining members of the company’s board of executives will not undergo any changes.”

At 11:20 am, after Parente’s decision to resign was made public, a plunge was observed at the São Paulo stock exchange. The firm also reported that the trading of its PETR-N2 shares was suspended from 11:22 to 11:42 am, but was subsequently resumed.