Sector News

Brazil's BRF board elects Chairman Parente as new CEO

June 15, 2018
Consumer Packaged Goods

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

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