Petrobras Announces New CEO, Mgmt Changes

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(Petrobras, 30.May.2016) – Petrobras received Mr. Aldemir Bendine’s letter of resignation from the positions of Member of the Board of Petrobras and CEO. Bendine also resigned from the position of Member of the Board of Petrobras Distribuidora – BR.

In light of the resignation, the Board of Directors held an extraordinary meeting, at which the engineer Mr. Pedro Pullen Parente was elected as Member of the Board of Petrobras. The Board, at the same meeting, also elected Parente to the position of CEO of the company as of May 31, 2016 and appointed the Human Resources, HSE and Services Officer Hugo Repsold Júnior to act as interim CEO.

Petrobras also announces that has received a letter of resignation from Luciano Galvão Coutinho, Member of the Board, and the position will remain vacant until a new Member of the Board is elected.

Parente began his public service career at Banco do Brasil in 1971 and was transferred to the Central Bank in 1973, in both cases following a competitive civil-service examination. He was a consultant for the International Monetary Fund and for public institutions in Brazil, including several State Departments and the National Constituent Assembly of 1988, and has served in various government positions in the economics department. He was Minister of State between 1999 and 2002, and led the transition team between President Fernando Henrique Cardoso’s government and President Lula’s government.

During this period, he played an important role as President of the Energy Crisis Management Chamber. He was a member of the Board of Directors of Petrobras between March 24, 1999 and December 31, 2002 and Chairman of the Board as of March 25, 2002. He was Chief Operating Officer of RBS Group between 2003-2009 and President and CEO of Bunge Brasil from 20102014. He is currently a member of the Board of Directors of SBR-Global, as well as an Executive Partner of the Prada group of consulting and financial advisory companies. He has also been Chairman of the Board of Directors of the BM&FBOVESPA – Securities, Commodities and Futures Exchange since March 2015.

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