LETTER OF RESIGNATION FROM THE PRESIDENT OF PETROBRAS PEDRO PARENTE

Petronoticias

Petrobras President Pedro Parente resigned this morning (1), after a meeting with President Michel Temer. His resignation from the presidency of Petrobras did not take the market by surprise, since he accepted to assume the Presidency of the Board of Directors of BRF. The very pressure of the oil workers asking for his exit was a strong signal that internally things were not going well. He had been clear that he would not submit to the changes that the government wanted to make in the company’s pricing policy, which proved disastrous and culminated in a truckers strike that stopped the country. One of the conditions that Parente required of President Temer to take office was non-interference in his administration. The crisis precipitated the interference, and Parente was determined not to give in. Regardless of his intentions and qualifications, he stumbled over his own arrogance. Tomorrow (2), he would had completed two years as head of Petrobras. Since the implementation of the pricing policy, Parente has been receiving market support, but suffered much criticism from some other sectors. The daily price change has disrupted the market and caused many confusions. His resignation will reflect a lot on the stock market and cause serious losses. Let’s follow up to see how the market reacts.

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