SAO PAULO/RIO DE JANEIRO (Reuters) – Brazil’s state oil company Petrobras said its board of directors approved on Friday the appointment of Magda Chambriard as the company’s new CEO following the surprise announcement last week.
Chambriard, a 40-year industry veteran, has already assumed her new role, Petrobras said in a securities filing.
The incoming CEO, a former head of oil and gas regulator ANP, was chosen by President Luiz Inacio Lula da Silva to replace former CEO Jean Paul Prates after he was fired last week.
Prates’ departure and Chambriard’s appointment surprised investors and sent shares tumbling on concerns about political interference.
Chambriard has been tasked by Lula to turn the oil giant into an engine of job creation and industrial development, bringing the company closer to the level it was during Lula’s first two terms in office from 2002 to 2010.
It will seek to invest and revive domestic shipyards, fertilizer plants, refineries and gas pipelines, sources previously told Reuters, but could face difficulties navigating new governance rules and external control over the company.
On Tuesday, Mining and Energy Minister Alexandre Silveira sought to allay fears of political interference by saying Chambriard would implement the company’s $102 billion investment plan for 2024-2028, which was already in place.
Chambriard, only the second woman to lead the company after Graça Foster’s tenure from 2012 to 2015, has already held informal meetings at Petrobras’ headquarters in Rio de Janeiro this week, sources told Reuters.
Chambriard will hold her first press conference as CEO on Monday afternoon in Rio de Janeiro.
