by Ben Miller
The market largely cheered the appointment of Maria Das Graças Foster as the new CEO of Petrobras. The career engineer faces many challenges ahead.
When news of Maria Das Graças Foster’s
appointment as the new CEO of Petrobas emerged on January 23,
the Brazilian oil company’s stock closed that day
3.5% higher. The positive market response confirmed
investors’ high comfort levels with the decision.
It also addressed the question of whether José
Sérgio Gabrielli’s replacement as CEO would
be an oil specialist or political appointee. The answer seems
to be both.
Foster certainly has the work experience and strong track
record to support the decision to put her at the head of what
is one of the world’s top five oil companies,
making her the first woman ever to hold such a position.
"Graça," as Foster is known, comes from
Petrobras’s natural gas and energy division, but
has sat in a variety of posts since she started at the company
as an intern in 1978.
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