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 Petrobras will hold both positions for an initial period of 180 days, BRF said.
Parente abruptly left Petrobras on June 1 following government interventions on fuel pricing in the wake of a truckers strike over rising dieselcosts. 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% so far this year. They gained 3.32% 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.
Top Comments
Disclaimer & comment rulesWhat a relief! Finally, the sales of rotten meat can increase!
Jun 15th, 2018 - 02:25 pm 0https://i1.wp.com/humorpolitico.com.br/wp-content/uploads/2017/03/Carne-Fraca-580x411.jpg
You mean we will be exporting it again. Thank goodness I am having to change butcher on a regular basis to avoid it here in Brazil.
Jun 16th, 2018 - 03:20 pm 0@MW:
Jun 17th, 2018 - 08:42 am 0You'll stop eating the rotten stuff? Delicious isn't it?
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