Is This Good-Bye? Petrobras CEO Ends Presser on Sentimental Note

  • Ivan Monteiro hasn’t received an invitation to remain as CEO
  • Bolsonaro has freedom to change Petrobras management in 2019
Ivan Monteiro Photographer: Andre Coelho/Bloomberg

Ivan Monteiro concluded the presentation of Petrobras’ quarterly financial results, perhaps his last as chief executive of the state-controlled oil producer, by praising the company’s progress in the past four years and offering an unusual “thank you” to the media.

Monteiro was chief financial officer of Petroleo Brasileiro SAin 2015, when the company struggled to publish its financial reports amid billions of dollars in writedowns related to a corruption scandal uncovered by the Carwash investigation. He became CEO when Pedro Parente resigned after a nationwide trucker strike this year. It’s not clear whether Monteiro will remain in the job under the presidency of Jair Bolsonaro in 2019.

“The next government will have all the freedom to make any changes it deems necessary,” he told reporters when asked about possible shifts in Petrobras’ management.

Monteiro declined to say whether he would like to keep the job. So far he hasn’t received an invitation to stay, he said, before ending the meeting by offering “a special hug to journalists who covered Petrobras all these years.”

Asked whether that was a farewell, he only smiled.

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