SAO PAULO/RIO DE JANEIRO (Reuters) – Brazilian state oil company Petrobras said its board on Friday approved Magda Chambriard as the company’s new chief executive, following a surprise announcement last week.
Chambriard, a four-year industry veteran, has already started in her new role, Petrobras said in a securities filing.
The new CEO, the 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 sacked last week.
Prates’ departure and Chambriard’s appointment surprised investors and sent shares tumbling amid concerns about political interference.
Lula tasked Chambriard with transforming the oil giant into an engine of job creation and industrial development, bringing the company closer to what it was during Lula’s first two terms from 2002-2010.
It will seek to invest and revitalize domestic shipyards, fertilizer plants, oil refineries and natural gas pipelines, sources previously told Reuters, but may face difficulties in navigating new governance rules and external oversight of the firm.
On Tuesday, Mines and Energy Minister Alexandre Silveira sought to allay concerns about political interference, saying Chambriard would implement the company’s $102 billion investment plan for the 2024-2028 period that was already in place.
Chambriard, only the second woman to lead the firm following Graça Foster’s tenure from 2012 to 2015, has already held informal meetings this week at Petrobras headquarters in Rio de Janeiro, sources told Reuters.
Chambriard is set to hold his first press conference as CEO on Monday afternoon in Rio de Janeiro.