First woman to run top five oil company

Maria das Gracas Foster has become 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. Foster is a 34 year veteran of Petrobas, the world’s fifth-largest oil producer” and currently oversees the natural-gas and power division. After the announcement, the company’s stock surged, gaining 3.8% to 25.13 reais which is the highest price since May 4. “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.”

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