Economics
Angola President Appoints Daughter as Head of State Oil Firm
- Isabel dos Santos appointed chairwoman after board fired
- Boston Consulting Group, PricewaterhouseCoopers advising board
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Angolan President Jose Eduardo dos Santos appointed his daughter and Africa’s richest woman, Isabel, as chairwoman of the state oil company, tightening his family’s control over sub-Saharan Africa’s third-biggest economy.
Dos Santos, 73, fired Sonangol’s entire board and replaced it with new executives as part of a plan to restructure the business so it runs more efficiently, he said in an e-mailed statement on Thursday. Paulino Fernando de Carvalho Geronimo was appointed chief executive officer, it said. Angola vies with Nigeria as Africa’s biggest oil producer and also produces diamonds.