Vale reveals next chief executive to end market speculation

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Eduardo Bartolomeo News

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The company named its current chief financial officer as the next chief executive

Vale named its current chief financial officer, Gustavo Pimenta, as its new chief executive this week, ending a turbulent succession process.The announcement comes early to end market speculations, as initially, Vale planned to reveal its choice for a new chief on 2 December.Analysts agreed that appointing insider Pimenta should ease fears about political influence in the selection process. Pimenta has worked at the Brazilian miner for two years.

One of them, José Luciano Duarte Penido, said in his resignation letter that it was due to the succession process, which he claimed had "evident and nefarious political influence" and that leaks to the press were made "in clear disregard for confidentiality".ChallengesPimento joins Vale at a challenging time for the company. Vale aims to be the largest global iron ore producer once again.

 

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