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.