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Graças Foster resigns in purge of Petrobras executives

04th February 2015

Petrobras CEO, Maria das Graças Foster, and five other senior executives have resigned from Brazil’s corruption-stained state oil company

Petrobras CEO, Maria das Graças Foster, and five other senior executives have resigned from Brazil’s corruption-stained state oil company
Maria das Graças Foster met with Brazil's president Dilma Rousseff yesterday in Brasilia to discuss her resignation

Maria das Graças Foster and five other Petrobras executives have resigned due to the current corruption scandal engulfing the Brazilian national oil company.

“The board will meet on Friday February 6 to elect new senior executives due to the resignation of the president [chief executive] and the five directors,” Petrobras confirmed in a regulatory filing on Wednesday.

Although not directly accused of any wrong doing, Graças Foster’s position was seen as increasingly precarious due to her close involvement with corrupt officials and executives.

Petrobras share’s jumped more than 15 per cent after the news was first report by Reuters news agency yesterday.

The Petrobras board will meet on Friday to elect a new management team to lead the massive oil company following Graças Foster’s departure.

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