Temer Picks Stock Exchange Head as Petrobras CEO

The Senate-imposed interim President of Brazil Michel Temer appointed the current head of the Sao Paulo stock exchange as CEO of Petrobras, the state-owned oil giant.

Temer announced the pick on his Twitter Thursday evening, but media had previously speculated that Parente would be chosen.

President Michel Temer announces Pedro Parente as president of Petrobras

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Parente served on the cabinet of former centrist president Fernando Henrique Cardoso and was CEO of Bunge, a major agribusiness giant. He also served on the board of Petrobras from 1999 to 2003.

Petrobras was at the center of a massive corruption scandal that implicated much of the Brazilian government, including Temer. While the state holds a majority of shares, Bloomberg reported that Temer is preparing to reshuffle the new board of directors and potentially sell its fuel distribution business, on top of other privatizations.

The oil giant, responsible for much of Brazil's income, is in severe debt, but its shares have gone up since former president Dilma Rousseff's politicized impeachment looked likely.

The interim president has already inspired bitter protests for his cabinet picks, who are all white men with bribery accusations and close connections to corporate power in Brazil.