https://www.miningweekly.com

Former Vale board member claims political influence in CEO succession

12th March 2024

By: Reuters

  

Font size: - +

RIO DE JANEIRO - A former board member for Brazilian miner Vale said his decision to step down on Monday came after the firm's succession process was conducted in a "manipulated manner," according to his resignation letter seen by Reuters on Tuesday.

Last week, Vale, one of the world's largest iron ore miners, extended the term of its CEO Eduardo Bartolomeo until the end of the year, amid media reports that the Brazilian government was seeking to influence the decision.

In the letter to Vale's chair, former board member Jose Luciano Duarte Penido said the process of choosing a new CEO had "evident and nefarious political influence," and that there had been frequent and biased leaks to the press made "in clear disregard for confidentiality."

Vale had reported Duarte Penido's resignation on Monday without detailing his reasons.

In a securities filing released by Vale on Tuesday, the board said its actions during the process of defining the next CEO complied with the firm's bylaws, internal regulations and corporate policies.

Edited by Reuters

Comments

Showroom

Flameblock
Flameblock

FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...

VISIT SHOWROOM 
Rio-Carb
Rio-Carb

Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Mining Weekly Editor Martin Creamer
Copper shares soar and green hydrogen goes digital
26th April 2024
Magazine cover image
Magazine round up | 26 April 2024
26th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.131 0.169s - 107pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: