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IPFS News Link • Brazil

Petrobras CEO Unexpectedly Resigns

• zerohedge.com by Tyler Durden

One day after Brazil's oil workers went on strike, further slowing Latin America's biggest economy which was already crippled by a trucker strike that has paralyzed the nation for the past 2 weeks, the CEO of the state energy giant, Petrobras, Pedro Parente unexpectedly resigned on Friday stepping down as chief of the state-controlled oil company he helped to revive in the aftermath of the Carwash scandal, as the nationwide strike against high fuel prices has unleashed criticism against his free-market policies.

Parente, 65, has become the highest-profile victim of the ongoing truckers strike against fuel prices, now in its 11-th day,  that grounded flights, shuttered sugar mills, caused shortages of products from food to gasoline and is expected to lead to a steep drop in Brazilian GDP. As Bloomberg adds, "his departure marks the downfall of an executive credited with turning around a state-controlled oil company that had been shackled with debt, corruption and mismanagement."


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