Petroleos Brasileiro SA (NYSE: PBR), better known as Petrobras, named a new CEO yesterday. She is Maria das Gracas Foster, a 34-year veteran of the Brazilian oil firm and the first woman to head any of the five global supermajor oil companies.
Foster’s primary job will be to implement the company’s $225 billion investment in developing the Lula discovery offshore of Brazil. The plan was announced last year, following the company’s $70 billion secondary share offering.
Foster, who has been nominated by Brazil’s president, still needs to be confirmed by the company’s board, but that should be no obstacle because the government controls the board.
Shares in Petrobras are up about 7% since yesterday when the announcement was made.
Top Gaining Stocks
Top Losing Stocks