Petrobras Star CEO Comes to the Rescue of Brazil Food Giant
- Diniz, pension funds back Pedro Parente as BRF’s next chairman
- BRF shareholders to vote on nomination at meeting next week
A customer shops for meat in a supermarket in Sao Paulo, Brazil.
Photographer: Victor Moriyama/BloombergPedro Parente, lauded for turning around Brazil’s state-oil giant Petrobras SA, agreed to become chairman of struggling food conglomerate BRF SA, a breakthrough that may end several weeks of fighting among shareholders over who will sit on its board.
The 65-year-old chief executive officer, who was previously a government minister and top manager at crop trader Bunge Ltd., has been brought in by BRF’s current chairman, billionaire Abilio Diniz, in an attempt to pull the company out of an unprecedented crisis. Pension funds Previ and Petros, which together own about 22 percent of BRF, have been trying to oust Diniz and replace the entire board amid mounting losses and curbs on BRF’s meat exports following a food-safety scandal.