Home Pedro Parente Just Resigned From Petrobras

Pedro Parente Just Resigned From Petrobras

1 June 2018 to 11: 58
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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 takes place amidst the strain and pressure suffered by Parente during the oil workers' strike and criticism of Petrobras' fuel price policy.


Read Pedro Parente's resignation letter

“His Excellency the President of the Republic,

When Your Excellency extended the honorable invitation to me to be president of Petrobras, we spoke 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 of 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 by its investors and shareholders. The results obtained reveal the success of the set of measures we adopted, which go far beyond the pricing policy.

I make a serene 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 path of reduction and a strategic planning that has proven capable of 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, as per our initial conversation. It seems to me, therefore, that the foundations of a virtuous path for Petrobras have been laid.

The truck drivers' strike and its serious consequences for life in the country triggered an intense and sometimes emotional debate about the origins of this crisis and placed Petrobras' pricing policy under intense questioning. Few can see that it reflects shocks that reached the global economy, with its effects in the country. Movements in the price of oil and the exchange rate 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, defining itself by granting a subsidy to the consumer of diesel.

I've been reflecting a lot on everything that happened. It's clear, Mr. President, that new discussions will be necessary. And, in view of this situation, it is clear that my permanence in the presidency of Petrobras is no longer positive and no longer contributing to the construction of the alternatives that the government has ahead of it. I have always tried to demonstrate, in my career 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, through this letter, I present my resignation from the position of President of Petrobras, on an irrevocable and irreversible basis. I make myself available to make the transition for the period necessary for the one who replaces me.

Your Excellency has been impeccable in terms of the professional management of Petrobras. Allow me, Mr. President, I would like 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 rely on the corporate rules, which have been improved so much in these two years, and on the contribution of the Board of Administration for the choice of the new president of Petrobras.

A few Brazilians were given the honor of chairing Petrobras. I am fully aware of this and I 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 that it is, the pride of all Brazilians.


Pedro Parente” – source the GLOBE

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