19 April 2024
Brazil's Petrobras appoints new CEO, 2011 net income falls
Publication date: 10 February 2012
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Brazilian state-owned energy company Petrobras’ board of directors has elected Maria das Graças Silva Foster as the company’s new CEO, taking over from José Sergio Gabrielli de Azevedo. Foster has worked at Petrobras for 31 years, previously as director for gas and energy and chief executive of Gaspetro-Petrobras Gás. The announcement came as the Brazilian producer reported a year-on-year fall in Q4 ‘11 net income due to rising operating costs, which underlined the challenges faced by the new CEO.