Sector News

Brazil's BRF board elects Chairman Parente as new CEO

June 15, 2018
Food & Drink

The board of Brazilian food processor BRF SA on Thursday elected Chairman Pedro Parente to the additional post of chief executive, the company said in a securities filing.

Parente, the former CEO of state-controlled oil company Petróleo Brasileiro SA, will hold both positions for an initial period of 180 days, BRF said. Reuters reported on Wednesday that he had been invited to become CEO.

Parente abruptly left Petrobras on June 1 following government interventions on fuel pricing in the wake of a truckers strike over rising diesel costs.

He was seen as a key element in turning the oil company around in the last two years and his departure sparked a sell-off in Petrobras shares.

Parente has a six-month non-compete agreement as former Petrobras CEO, but received clearance from a government ethics commission on Thursday to take the BRF job because the companies operate in very different areas.

Parente was elected BRF chairman in April when shareholders were seeking a management overhaul in the wake of a food safety probe and poor results.

BRF shares have fallen 43 percent so far this year. They gained 3.32 percent on Thursday.

BRF also said it created the new position of global chief operating officer, which will be held by interim CEO Lorival Nogueira Luz Junior.

By Marcelo Teixeira

Source: Reuters

comments closed

Related News

November 27, 2022

Cargill to appoint Brian Sikes as president and CEO

Food & Drink

Cargill will appoint Brian Sikes as its president and chief executive officer on 1 January 2023. The soon-to-be CEO, currently holding the chief operating officer title, has worked at Cargill for 31 years. Dave MacLennan, who has served as Cargill’s CEO since 2013, will assume the role of executive chair of the company’s board of directors.

November 27, 2022

Wellness, self-expression drive the latest trends in colors and flavors

Food & Drink

Comforting colors, feel-good flavors, and unique food and beverage experiences will resonate most with consumers in the new year, according to ADM’s latest Flavor and Color Outlook. ADM anticipates that 2023 will be the year of self-expression, and the company identified four trends that are sure to stand out.

November 27, 2022

Nespresso unveils home-compostable coffee capsules in partnership with Huhtamaki

Food & Drink

Nestlé’s Nespresso brand will pilot home-compostable coffee capsules on the Nespresso Original system in France and Switzerland from spring 2023 before further launches in several other European countries within a year. The paper-based capsules are touted as a breakthrough in packaging technology after three years of R&D.