Vale president Eduardo Bartolomeo will hold his position until December this year, a source familiar with the matter told Reuters.
The information had already been reported on Friday by the Valor Econômico newspaper and the Bloomberg agency, also citing sources.
From January to March 2025, Bartolomeo will transition to a new CEO to choose. After the transition, Bartolomeo will remain an advisor at the mining company until December 2025, the source said.
The council’s decision was not unanimous.
When contacted, Vale did not immediately respond to a request for comment.
Vale’s succession process has been the subject of intense attention. Late last month, President Luiz Inácio Lula da Silva criticized the mining company’s management and called for greater accountability from the company, both in compensation payments and in production.
Lula denied attempting to interfere in the succession to the presidency of the company and that he had discussed the matter. Sources interviewed by Reuters, however, confirmed that the president would like to put former Finance Minister Guido Mantega at the helm of the company.
Resistance from shareholders ended up shelving the idea, as the government alone does not have the power to guarantee the succession of its candidate.
Source: Terra
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