Petrobras CEO Jose Sergio Gabrielli is out

Jose Sergio Gabrielli is no longer CEO of Petrobras, Brazil's state-controlled oil company. He was replaced by Maria das Graças Foster, a business leader with close ties to the president of Brazil, Dilma Rousseff.

No reason was given for the change, which was announced on Saturday, but local media reports say Gabrielli's departure had been expected.

Gabriella's tenure has been eventful.

In 2008 Petrobras discovered Tupi and Jupiter, mega-fields 5,000 metres below the sea. Although the true size of the field has been kept secret by Petrobras, reports say it could be the third largest in the world.

To fund exploration and development of the deep sea oil field, Gabriella guided the company through a $70 billion financing, one of the largest financings ever.

Image from YouTube, Petrobras CEO José Sergio Gabrielli about safety