Reuters reported that Brazilian state controlled oil company Petrobras has ousted CEO Mr Jose Sergio Gabrielli, the man who oversaw the discovery of the largest oil find in the Americas in decades.

Mr Gabrielli will be replaced by Ms Maria das Graças Foster, a Petrobras executive close to Brazilian President Dilma Rousseff.

Ms Foster is currently the head of Petrobras' gas and energy unit.

Mr Gabrielli's replacement has been rumored for months, with talk of an expected Cabinet reshuffle fueling speculation about his departure. The Boston University trained economist had been at the helm of Petrobras since 2005. During his stint, the company found the so called sub salt region, the biggest oil find in the Americas in more than three decades. He also guided Petrobras through the largest ever share offering of some USD 70 billion late in 2010.

The federal government, which together with state entities, holds a combined 48% stake in the oil producer's capital and is Petrobras' largest shareholder.

(Sourced from www.reuters.com)