Petrobras's Turnaround CEO Open to Staying Beyond Election
- Parente would demand managerial independence to remain in job
- Now not the time to discuss a Petrobras privatization, he says
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The man responsible for Petrobras’s recovery from scandal and rout could consider staying in the job after the presidential election, as long as the state-controlled producer keeps its independence under the next government.
Pedro Parente has won praise for trimming the biggest debt load in the oil industry even amid a price rout, settling a class action case with U.S. investors, and expanding Petroleo Brasileiro SA’s deep-water production fleet during a period of spending cuts. The election, set for October, is shortening Parente’s timetable to reduce leverage through asset sales and form partnerships with foreign oil majors.