markets

Petrobras CFO Ivan Monteiro Replaces Parente as CEO

Corrected
  • Monteiro oversaw a reduction in the company’s total debt
  • Company’s stock fell after former CEO said he was leaving

Ivan Monteiro

Photographer: Yasuyoshi Chiba/AFP via Getty Images

Ivan Monteiro has been named to head Brazilian state-controlled oil company Petrobras on an interim basis, replacing Chief Executive Officer Pedro Parente who resigned Friday.

Monteiro, who has been chief financial officer since 2015, was given the interim job during a board meeting that came just hours after Parente stepped down following intense criticism during a trucker strike that crippled Latin America’s biggest economy.

Monteiro previously held the CFO role at Banco do Brasil SA. Since joining Petrobras, he oversaw a reduction in the company’s total debt, resumed regular financial statements after reaching an agreement with auditors, and successfully extended the company’s debt payment schedule.

In December, Monteiro led the initial public offering of Petrobras Distribuidora SA, the country’s biggest IPO since 2013.

Parente’s resignation highlights the erosion of support for market-friendly policies after two years of austerity under President Michel Temer.

The resignation sent shares in Petroleos Brasileiros SA down as much as 22 percent, the most since 1999, and caused the Brazilian currency to drop as much as 1 percent against the dollar as investors pondered the effect on Brazil’s economy.

(Corrects to remove CEO reference to Monteiro in first paragraph.)
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