What to make of Petrobras boss Pedro Parente’s resignation?

The 10-day truckers’ strike which paralyzed Brazil created food shortages in supermarkets, caused airport closures and empty pumps at gas stations, forced schools and universities to cancel classes, affected hospitals, and generated billion-dollar losses that are yet to be fully accounted for. And now, it has also forced Petrobras chief executive Pedro Parente to hand in his resignation.

As the fuel crisis reached its most severe, Parente became an easy target for both the left and right. The pricing policy he established midway through 2016 was called “dishonest” by presidential hopefuls, while Petrobras workers accused him of benefiting international investors to the detriment of the Brazilian consumer.

The chief executive tried to stand his ground, stating that the pricing policy would be maintained and that the government would have to look for a replacement CEO if it thought otherwise. Days later, Parente handed in his resignation letter to President Michel Temer.

The announcement came on Friday morning (June 1st) at 11.20am. Shortly after, the company’s stock started to plummet – crashing by...