Vale’s board will meet again this Friday to seek consensus on the succession

Vale’s board will meet again this Friday to seek consensus on the succession


The reconfirmation of the current president, Eduardo Bartolomeo, for a shorter period than the traditional one, is one of the options

RIO – The soap opera that became the succession to command OK will have a new chapter this Friday, the 8th, and, according to people following the process, it is closer to the end. Even outside the agenda, the topic will be discussed at the meeting of the board of directors of mining company.

The expectation is that the meeting this time will be more successful than that of February 15, when the councilors were divided between the reconfirmation of the current president, Eduardo Bartolomeo, or the hiring of an international “headhunter” to choose a new name at the helm of Vale.

OR Estadão/BroadcasIt has not emerged that one of the possibilities on the table to unblock the negotiation is the reconfirmation of Bartolomeo for a period shorter than the traditional three years.

“Both sides must converge in the interests of society,” said a source closely following the negotiations.



In recent weeks, several names have also appeared as candidates for the presidency of Vale, such as the president of Suzano, Walter Schalka, the former president of Cielo and Banco do Brasil, Paulo Caffarilli, and the former president of Vale, Murilo Ferreira.

Vale’s Board of Directors consists of 13 members. In the vote on the 15th, Luiz Henrique Guimarães abstained. The executive, linked to Cosan – owner of 4.9% of Vale’s capital – had had his name considered for Bartolomeo’s succession, and the potential conflict of interest would have motivated the abstention, an observer said. With the abstention the result ended 6 to 6, continuing the impasse.

The scam has helped erode the company’s stock value on B3, analysts say, and makes the company more vulnerable.

Source: Terra

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