Petrobras Board Elects New CEO

RIO DE JANEIRO - Brazilian state-run energy giant Petroleo Brasileiro, or Petrobras, said late Thursday that the board elected Maria das Gracas Foster as the new chief executive, as expected.

Foster will take over the post from outgoing CEO Jose Sergio Gabrielli on Monday, Petrobras said.

Gabrielli, who served as CEO since 2005, is leaving Petrobras to pursue a career in politics in his home state of Bahia. Gabrielli has long held political aspirations and has close ties to the ruling Workers' Party, known as the PT, of Brazilian President Dilma Rousseff.

Copyright (c) 2012 Dow Jones & Company, Inc.

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