![Ex-regulator confirmed as new chief of Brazil's Petrobras](https://photo-cdn.urdupoint.com/media/2024/05/_2/740x404/pic_1716565856.jpg)
Ex-regulator Confirmed As New Chief Of Brazil's Petrobras
Fahad Shabbir (@FahadShabbir) Published May 24, 2024 | 08:50 PM
![Ex-regulator confirmed as new chief of Brazil's Petrobras](https://photo-cdn.urdupoint.com/media/2024/05/_2/740x404/pic_1716565856.jpg)
Brazil's state-run oil company, Petrobras, confirmed former regulator Magda Chambriard as its new chief executive Friday, 10 days after left-wing President Luiz Inacio Lula da Silva sacked her predecessor
Rio de Janeiro, (APP - UrduPoint / Pakistan Point News - 24th May, 2024) Brazil's state-run oil company, Petrobras, confirmed former regulator Magda Chambriard as its new chief executive Friday, 10 days after left-wing President Luiz Inacio Lula da Silva sacked her predecessor.
Lula has been pushing for Petrobras to invest more, saying it will boost Latin America's biggest economy -- a spending spree resisted by investors.
Petrobras said its board had named Chambriard as a member and elected her chief executive, effective immediately. She is the second woman to hold the post, after Graca Foster, from 2012 to 2015.
The 66-year-old chemical and civil engineer started her career at Petrobras in 1980, then led Brazil's oil and natural gas agency, ANP, from 2012 to 2016.
Chambriard replaces Jean Paul Prates, whose sacking was announced on May 14, after less than 18 months on the job, triggering turbulence at Petrobras, the key player in the world's seventh-biggest oil producing country.
Prates's ouster followed a spat between Petrobras and shareholders over dividend payments, which heightened concerns about the government's influence in the publicly traded company's decision-making.
Prates, a former state senator, faced fierce criticism after Petrobras announced it would not pay an extraordinary dividend to investors following its second-highest net profit ever last year, $24.8 billion.
The March announcement caused the company's share price to plummet, and was seen by some analysts and opponents as direct government intervention.
Lula accused Petrobras executives of putting the company's shareholders ahead of the Brazilian people.
The Petrobras board eventually approved the dividend payment in late April.
Just over half of Petrobras's capital is held by the Brazilian state, and the rest by shareholders.
Related Topics
Recent Stories
![Cricket: England v West Indies 3rd Test scoreboard](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019914.jpg)
Cricket: England v West Indies 3rd Test scoreboard
![Finance minister briefs Chinese officials on refor ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019922.jpg)
Finance minister briefs Chinese officials on reform agenda, engagement with IMF
![Finland says Russian vessel violated its territori ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019912.jpg)
Finland says Russian vessel violated its territorial waters
![Olympic opening ceremony under way on River Seine](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019266.jpg)
Olympic opening ceremony under way on River Seine
![West Indies' treble strike rocks England in third ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019264.jpg)
West Indies' treble strike rocks England in third Test
![Ukraine court orders detention of suspect in murde ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019262.jpg)
Ukraine court orders detention of suspect in murder of nationalist ex-MP
![Long queues, ticketing problems ahead of Paris ope ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019015.jpg)
Long queues, ticketing problems ahead of Paris opening ceremony
![Rana Sanaullah Khan joins Paris 2024 Olympics inau ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019638.jpg)
Rana Sanaullah Khan joins Paris 2024 Olympics inauguration reception
![Glowing tributes mark 69th birthday of President Z ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019637.jpg)
Glowing tributes mark 69th birthday of President Zardari at Governor's House
![Players unaware of spying scandal as Canada Olympi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019635.jpg)
Players unaware of spying scandal as Canada Olympic coach sent home: official
![Naqvi hails Pak women cricketers for going down fi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019013.jpg)
Naqvi hails Pak women cricketers for going down fighting against SL
!['Sabotage' on French rail network before Olympics: ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019634.jpg)
'Sabotage' on French rail network before Olympics: What we know
More Stories From World
-
Biden talks Gaza ceasefire efforts with king of Jordan
5 hours ago -
Sinaloa Cartel co-founder pleads not guilty after stunning US capture
5 hours ago -
Panama says Venezuela blocked ex-presidents going to observe polls
5 hours ago -
Ethiopia mourns victims of landslide tragedy
6 hours ago -
Khan Yunis fighting displaces 180,000 Gazans in four days: UN
6 hours ago -
Trump slams rivals as he meets Netanyahu in Florida
6 hours ago
-
Obama & his wife, Michelle, officially endorse US VP Kamala Harris for president
6 hours ago -
Rain, cooling slow huge blaze in Canada's Jasper park
6 hours ago -
Airbus and Boeing supremacy secure despite turbulence
6 hours ago -
S.African police detain 95 Libyans at suspected military camp
6 hours ago -
'Slapping therapist' guilty over UK diabetic woman's death
7 hours ago -
Panama says Venezuela blocked flight of ex-presidents going to observe polls
7 hours ago