Pedro Parente elected for more two years as Petrobras’ CEO

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    The board of Petrobras voted  on Sunday (March 26) to extend its CEO Pedro Pullen Parente’s term up to March 2019. Parente took over in May 2016 after his predecessor Aldemir Bendine resignation, and commanded a firm effort to clean up the firm’s balance sheet and scale back Petrobras enormous debt burden.  The results presented by Petrobras during Parente’s administration are impressive: shares went up more than 60 percent ,  debt was reduced by 20 percent in the fourth quarter and cost cutting was dramatic.