New Petrobras CEO says president wants firm to boost national economy By StuffsEarth

Estimated read time 5 min read

RIO DE JANEIRO (StuffsEarth) – The chief executive of Brazilian oil giant Petrobras, Madga Chambriard, said the country’s president asked her to work toward boosting the nation’s economy while maintaining profitability at the oil firm.

Chambriard, who took over as the state-run company’s top executive after President Luiz Inacio Lula da Silva fired the former CEO in May, said at her formal installation on Wednesday that Petrobras’ vision for Brazil is aligned with the president’s priorities.

Chambriard’s stance was echoed by Lula, who spoke during the event held at Petrobras’ CENPES research center in Rio de Janeiro.

“No one wants shareholders to lose one cent,” said Lula. “Nobody wants Petrobras to be a loss-making company.”

Petrobras shares plunged last month after Lula fired the former CEO Jean Paul Prates due to fears he would look to install a new CEO that would boost Brazil’s economy at the expense of its shareholders.

To meet Lula’s request, one of Chambriard’s main priorities is to speed up the firm’s $102 billion investment plan for the 2024-2028 period, which she said has the potential to generate “hundreds of thousands of jobs.”

Last week, Chambriard announced her new management team and appointed three directors with technical know-how and a long history in the country’s state-run firms.

After the event on Wednesday, Chambriard told journalists she does not see further changes on the company’s senior management staff.

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