Processing Magazine

First woman named to run top five oil company

January 24, 2012

RIO DE JANEIRO — Maria das Gracas Foster became the first woman to run one of the world’s top five oil companies after she was officially named the CEO of Rio de Janeiro-based Petrobas on Monday, Bloomberg reported.

Foster is a 34-year veteran of Petrobas, which is the world’s fifth-largest oil producer, and currently runs the natural-gas and power division.

The company’s stock surged after the announcement yesterday, gaining 3.8 percent to 25.13 reais, the highest price since May 4, according to the article.

“The market seems relieved that Petrobras has not been subject to political whims, but rather has chosen a career employee with technical skill to be CEO,” said Christopher Palmer, director of global emerging markets for Henderson Global Investors Ltd. “This indicates that execution of projects is now a top priority.”