https://www.engineeringnews.co.za

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

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Sulzer Pumps (SA) (Pty) Ltd
Sulzer Pumps (SA) (Pty) Ltd

Sulzer South Africa, established in 1922, partners with critical industries like power, oil & gas, water, mining, and chemicals to boost...

VISIT SHOWROOM 
WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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







301

sq:0.045 0.531s - 140pq - 2rq
Subscribe Now