Rescue Mission II

May 1, 2002

Phillippe Reichstul has taken over Globo, the Brazilian media group that has hit a rough patch. His stellar performance at Petrobras, the national oil company where he was CEO, made him a shoo-in for his new role.

Philippe Reichstul is back in the spotlight. The former president of Petrobras, the Brazilian oil company, is now in charge of another national institution: the Organizações Globo media empire. The Marinho family, which owns Globo, hired Reichstul in February while he was still mulling his options after the government ejected him from Petrobras at the end of last year.

It is hard to imagine a bigger career shift. Petrobras is a lumbering state-owned oil producer, the country's biggest company. Globo, is a privately held media company that grew rich by mesmerizing Brazil with its steamy telenovelas. Brazilians watch Globo more than any other network and this gives the company great political power, particularly in election years.

Yet it is not hard to see what Petrobras and Globo have in common and how the Marinhos want Reichstul to help them. In his short career at Petrobras, Reichstul...

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