Petrobras CEO resigns under pressure

Pedro Parente has stepped down from his position as Petrobras CEO following two separate strikes by Brazil’s truck drivers and oil workers regarding rising fuel prices, international media reported Friday.

Brazil has been under mounting pressure during the past 11 days as strikes and protests throughout the country led to severe shortages of fuel, food and other goods.

“The truck drivers’ strike and its serious consequences for the life of the country triggered an intense and sometimes emotional debate about the origins of this crisis and put the Petrobras price policy under intense questioning,” Parente said in his resignation letter.

“Given this situation, it is clear that my permanence in the presidency of Petrobras is no longer positive and contributes to the construction of the alternatives that the government is facing.”

Though Parente initially said he had no intention of quitting despite the demands of oil workers’ unions, he met with Brazilian President Michel Temer Friday morning to submit his resignation. Parente had served as the NOC’s CEO since 2016.

Petrobras’ board is expected to select an interim president later today.