The board of directors of Petroleo Brasileiro SA, or Petrobras, has named interim CEO Ivan de Souza Monteiro as the company's new CEO following the June 1 resignation of Pedro Parente from the role.
Monteiro, who will also join the company's board of directors, served previously as Petrobras' chief financial and investor relations officer.
Saying that his leadership of the state-run oil major was no longer "positive," Parente, who took over as Petrobras CEO in May 2016 and worked to reduce the company's debt and implement a market-based fuel pricing mechanism, resigned in a June 1 letter to Brazil's President Michel Temer.
Parente had been under fire in recent weeks as oil workers and truckers began striking in protest of rising fuel prices.
In the wake of Parente's departure, the company's shares plunged June 1, closing the day $1.73, or 14.59%, lower at $10.13 per share on the NYSE. Since May 16, shares of Petrobras have dropped $7.01, or almost 41%.
