After Pedro Parente resigned as Petrobras CEO on Friday, President Michel Temer wasted no time before appointing his replacement: the company’s former chief financial officer, Ivan Monteiro. Temer’s choice signaled the government’s desire for continuity at Brazil’s state-owned oil and gas company. After all, Monteiro was Parente’s right-hand man and had carried out Parente’s divestments plan at Petrobras.
The new chief came to Petrobras in February 2015, appointed by then-CEO Aldemir Bendine (who was convicted to 11 years in prison for corruption and money laundering). The two had worked together at the state-controlled Banco do Brasil, the country’s second-largest bank by assets.
Monteiro was brought in to fix the errors of the previous Petrobras administration. The company was struggling to close its 2014 balance sheet, as independent auditors disagreed with its estimation of how much money had been lost to corruption. Petrobras officially recognized losses of BRL 6 billion – which was later revised to BRL 88 billion.