Petrobras board extends CEO Parente’s term for further 2 years

The board of Brazilian state-controlled oil company Petróleo Brasileiro SA voted to extend current Chief Executive Officer Pedro Parente’s term for a further two years, according to a Monday securities filing.

The filing did not specify when his new term is set to start. Parente took over in May following the resignation of his predecessor Aldemir Bendine, spearheading efforts to clean up the firm’s balance sheet and scale back the largest debt burden among the world’s major oil companies. (Reporting by Bruno Federowski and Gustavo Bonato; Editing by Chizu Nomiyama)

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