Petrobras Board Names Pedro Parente As New CEO

SÃ O PAULO—The board of Brazil's state run oil firm Petró leo Brasileiro SA, or Petrobras, named Pedro Parente as the company's new CEO.

The name of Mr. Parente, who replaces Aldemir Bendine in the post, was announced earlier this month by Brazil's acting President Michel Temer, as part of a broad shuffle of top government jobs.

Mr. Parente, formerly the top executive at the Brazilian unit of U.S. agribusiness giant Bunge Ltd. and currently chairman of stock-market operator BM&FBovespa SA, will assume the top spot at Petrobras as it is facing a challenging scenario due to its high debt.

Earlier this month, the administration of Mr. Temer also appointed new heads for state run banks BNDES, Banco do Brasil and Caixa Economica Federal.

Previously, banking executives were named by Dilma Rousseff, who had to step aside as the country's president a few weeks ago to face an impeachment trial in the Senate. She was replaced by then Vice President Mr. Temer.

Write to Rogerio Jelmayer at [e-mail]

(END) Dow Jones Newswires

May 31, 2016 08:15 ET (12:15 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.