Madga Chambriard, the recently appointed Chief Executive Officer of Petrobras, has outlined her vision for the state-run oil giant. During her formal installation ceremony on Wednesday, Chambriard emphasised her commitment to aligning the company’s goals with the priorities of President Luiz Inacio Lula da Silva, who personally attended the event.
Addressing concerns raised by Lula’s decision to replace the previous CEO, Jean Paul Prates, Chambriard assured stakeholders that the President’s objectives do not involve compromising Petrobras’ profitability or shareholder interests. “No one wants shareholders to lose one cent,” Lula reassured attendees, emphasising his stance on maintaining the company’s financial stability.
Chambriard’s appointment follows Lula’s move to fire Prates last month, a decision that sparked fears of potential shareholder value erosion in favour of prioritising Brazil’s economic growth. However, the new CEO has pledged to strike a delicate balance between these two seemingly conflicting goals.
One of Chambriard’s primary focuses is to accelerate Petrobras’ ambitious USD 102 billion investment plan for the 2024-2028 period. She believes this substantial investment has the potential to generate hundreds of thousands of jobs, thereby providing a much-needed boost to the Brazilian economy. By aligning the company’s objectives with the President’s priorities, Chambriard aims to leverage Petrobras’ resources to drive economic development while maintaining profitability.
In a strategic move, Chambriard recently announced her new management team, appointing three directors with extensive technical expertise and a long-standing history in Brazil’s state-run firms. This decision underscores her commitment to leveraging industry knowledge and experience to navigate the complexities of the energy sector.
During the event at Petrobras’ CENPES research centre in Rio de Janeiro, both Chambriard and Lula emphasised their shared vision for the company’s role in propelling Brazil’s economic growth. Chambriard assured journalists that she does not anticipate further changes to the company’s senior management staff, signalling her intention to maintain stability and continuity in executing her strategic objectives.
As Petrobras embarks on this new chapter under Chambriard’s leadership, all eyes will be on her ability to balance the company’s financial performance with its contributions to Brazil’s economic development. The successful implementation of this approach could set a precedent for other state-owned enterprises, demonstrating the potential for sustainable growth while maintaining shareholder value.