Brazil’s largest exchange, BM&FBOVESPA, announced today that its Chairman of the Board of Directors, Mr. Pedro Pullen Parente, has accepted an invitation to become Chief Executive Officer of Petrobras. The position is still subject to the approval of the Board of Directors of Petróleo Brasileiro S.A. Petrobras.
The announcement reiterates that Parente’s ew position is not going to affect his duties at BOVESPA. With the lack of inherent conflicts of interest between the corporate governance bodies of both companies, his tenure as Chairman of the Board of BM&FBOVESPA will continue as is.
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Parente has previously held roles as head of the Civil House of the Presidency of the Republic, Minister of Planning, Budget and Management and executive secretary of the Ministry of Finance.
BM&FBOVESPA ranks as the 13th largest stock exchange in the world and is the result of a merger between the São Paulo Stock Exchange (Bovespa) and the Brazilian Mercantile and Futures Exchange (BM&F) in May 2008, creating BM&FBOVESPA.
The exchange manages the organized Securities and Derivatives markets, providing registration, clearing and settlement services. It acts as central counterparty, guaranteeing financial liquidity for the trades executed in its environments.