(Adds details of renewal, turnaround, share performance)
SAO PAULO, March 27 The board of Brazilian
state-controlled oil company Petróleo Brasileiro SA
voted to extend Chief Executive Pedro Parente's term for two
years, until March 2019, amid solid progress on a difficult
Parente's new term began on Sunday, when the board vote took
place, and will end on March 26, 2019, according to press
representatives for Petrobras, as the company is known.
Parente took over in May following the resignation of his
predecessor Aldemir Bendine, spearheading efforts to clean up
the firm's balance sheet and scale back the largest debt burden
among the world's major oil companies.
Shares of Petrobras slipped 2.6 percent in Monday trading as
oil prices fell on uncertainty whether cuts to global production
would be extended well beyond June.
Petrobras shares are up more than 60 percent since Parente
took the reins. The cost of insuring against a Petrobras bond
default for five years, known as a credit default
swap, has dropped about two-thirds in the past 11 months.
The company reduced debt by 20 percent in the fourth quarter
and cut costs dramatically to offset weaker revenue.
(Reporting by Bruno Federowski and Gustavo Bonato; Editing by
Brad Haynes and Bernard Orr)