Bloomberg News

Petrobras Management Change Not ‘traumatic’, BTG Pactual Says

January 23, 2012

Jan. 23 (Bloomberg) -- Petroleo Brasileiro SA nomination of Maria das Gracas Foster as Chief Executive Officer, replacing Jose Sergio Gabrielli, shouldn’t be “traumatic” for investors as Foster has been “a good manager” of the company’s gas and power unit, Banco BTG Pactual SA analyst Gustavo Gattass said.

“The change at the top is not something that we see as traumatic for investors, as Foster has been a good manager of her unit and she has been there long enough to remember that capital increases are not viable,” Gattass wrote today in a note distributed to investors. “I don’t see this as a major driver for the stock, but as we said, we are cautiously positive here.”

To contact the editor responsible for this story: Helder Marinho at

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