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Vale seeks a new CEO, but the board hasn't chosen a final candidate.

TraderKnows
TraderKnows
07-10

This Tuesday, a local Brazilian newspaper revealed that mining giant Vale is seeking a new CEO, with several candidates currently under consideration.

A consultancy firm hired by Brazilian mining company Vale has identified 15 potential candidates for its CEO succession process, as reported by the Brazilian newspaper O Globo on Tuesday.

Among the candidates recommended by Russell Reynolds Associates are leaders of major Brazilian companies such as Francisco Gomes Neto from Embraer, Gustavo Werneck from Gerdau, and Cristiano Teixeira from Klabin.

Vale, one of the world's largest iron ore producers, is expected to announce its new CEO in early December to succeed Eduardo Bartolomeo, whose term is nearing its end.

In a securities filing on Tuesday evening, Vale stated that recommendations from Russell Reynolds regarding the CEO succession plan are still underway. The filing also mentioned that the company's board has not yet decided on the final list of candidates.

According to O Globo, the list from Russell Reynolds also includes Pedro Parente, who led Brazil's state-owned oil giant Petrobras from 2016 to 2018 and served as the chief of staff to former President Fernando Henrique Cardoso.

Other names listed in the report include Pablo Di Si from Volkswagen America, Ruben Fernandes from Anglo American, Carlos Piani from Equatorial, and Mauricio Bahr from Engie Brasil.

Last week, Vale pledged to "act swiftly" to replace two independent board members who resigned in recent months, one of whom stepped down due to allegations of political influence in the CEO succession process.

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