Brazil Petrobras names Sergio Gabrielli as new CFO

www.forbes.com Reuters, 01.22.03, 10:51 AM ET

SAO PAULO, Brazil, Jan 22 (Reuters) - Brazil's state-run oil giant Petrobras <PETR4.SA>(nyse: PBR - news - people) said on Wednesday that economist Sergio Gabrielli de Azevedo had been named the company's new financial director.

In a statement, Petrobras said Gabrielli will be officially nominated for the post at a board meeting on Jan. 31, and that he would start work on Feb. 1.

Gabrielli will replace Joao Pinheiro Nogueira Batista, who has said he is stepping down for personal reasons.

Gabrielli holds a doctorate in economics from Boston University and has worked as a visiting scholar at the London School of Economics and Political Science.

He also has an extensive background in Brazilian academia, mainly in the economics department at the Federal University of Bahia, where he did his undergraduate work.

Gabrielli will report to Petrobras' recently installed president, Jose Eduardo Dutra, who was appointed earlier this month by Brazil's new left-leaning president, Luiz Inacio Lula da Silva.

Some investors have been concerned that under the Lula administration Petrobras might be turned from a corporation successfully competing with world oil majors abroad into a source of financing for pet political projects, losing its newly won pricing independence and high profits.

Dutra, however, has said the company would maintain its investment plans and continue to put profits high on the agenda, helping to ease investors' fears of late.

Petrobras shares were down 3.31 percent at 48.20 reais in early-afternoon trading, underperforming the broader market, which was down 1.5 percent.