Reichstul to Step Down from Petrobras

International banker Francisco Gros was named to head Petrobras, succeeding Henri Philippe Reichstul, whose term was marked by record profitability but also unprecedented oil spills and rig accidents.

Gros, 59, head of Brazil's National Development Bank (BNDES) and a former central bank chief, is expected to continue the modernization process Reichstul initiated almost three years ago when he took command of Latin America's third-largest crude producer. Reichstul, 52, who underwent surgery on his thyroid recently, should step down by Christmas for personal reasons.