Brazil’s Petrobras approves Chambriard as new CEO

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Brazil’s state-owned oil giant Petrobras has a new leader: Magda Chambriard. Her appointment follows the unexpected dismissal of previous CEO Jean Paul Prates, raising concerns about political influence.

Chambriard, a veteran with four decades of industry experience, takes on the challenge of transforming Petrobras into a driver of economic growth, mirroring its role during President Lula da Silva’s earlier terms. Her focus will be on revitalizing domestic industries like shipbuilding and fertilizer production, while navigating stricter governance regulations.

Investor confidence was initially shaken by the leadership change. However, Mines and Energy Minister Alexandre Silveira assures that Chambriard will uphold the existing $102 billion investment plan. Chambriard, only the second woman to lead Petrobras, has already begun familiarizing herself with the company’s operations. Her success will hinge on balancing economic goals with stricter oversight and potential political pressures.

Source: Reuters

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