Maria das Gracas Foster has become the first woman to run one of the world’s top five oil companies after she was officially named the CEO of Rio de Janeiro-based Petrobas. Foster is a 34 year veteran of Petrobas, the world’s fifth-largest oil producer” and currently oversees the natural-gas and power division. After the announcement, the company’s stock surged, gaining 3.8% to 25.13 reais which is the highest price since May 4. “The market seems relieved that Petrobras has not been subject to political whims, but rather has chosen a career employee with technical skill to be CEO,” said Christopher Palmer, director of global emerging markets for Henderson Global Investors Ltd. “This indicates that execution of projects is now a top priority.”