Petrobras, Copersucar CFOs Win Awards

Jul 29, 2011, 12:12 ET from Latin Trade

SAO PAULO, July 29, 2011 /PRNewswire/ -- Petrobras CFO Almir Barbassa has been named Brazil's CFO of the Year (Expansion) by Latin Trade, while Copersucar CFO Luis Felipe Schiriak was named CFO of the Year (Dynamic Growth).

They received their awards during an LT CFO Event in Sao Paulo July 28. The LT CFO Events, which are sponsored by JP Morgan and Visa, are held twice a year in both Mexico City and Sao Paulo and three times a year in Miami.

"Almir Barbassa has played a key role in the successful financial operations of Petrobras, Latin America's largest company, including the historic share sale last year and the continued actions to raise capital for the company's significant expansion," says Joachim Bamrud, executive editor of the Latin Trade Group. "With this award we wish to recognize excellence and Barbassa has clearly excelled in his role."

Barbassa joined Petrobras in 1974 and has spent his entire professional career at the company. He worked his way up, holding a variety of financial and planning positions over the years. By 1999, he was overseeing corporate finance and treasury activities.  In 2005, Barbassa was promoted to CFO. During his tenure, Petrobras has reported robust increases in revenue and profits and vastly expanded its operations to tap newly discovered reserves, efforts that require massive financing.

Petrobras made history when it raised $70 billion in a share sale in September last year, marking the world's largest ever. In January this year, it raised $6 billion through a bond sale that was the largest corporate offering in Brazil.

Petrobras not only is the top company in Latin America in revenues ($128 billion), but also profits ($21.1 billion), according to the Latin 500 from Latin Business Chronicle and Latin  Trade.

Copersucar, Brazil's leading producer and exporter of sugar and ethanol, was one of Latin America's shining stars last year in revenue and profit growth, according to the Latin 500. It posted the second-highest profit growth and the fourth-highest revenue growth.

Schiriak joined Copersucar last year after working in such industries as oilfield services, retail and telecommunications as well as for a major industrial conglomerate, Grupo Votorantim.

"Shiriak is playing a key role at a company that is growing at significant rates and is expected to continue doing so in the future as well," Bamrud says. "For that we have named him the CFO of the Year in the dynamic growth category."

The Latin Trade Group offers key information on Latin American business through print, online media and live events.

For more information, please contact Joachim Bamrud, executive editor of the Latin Trade Group, tel +1 (305) 411-0002 or

SOURCE Latin Trade