The Collegiate will meet again in the coming days to discuss the succession of Eduardo Bartomoleo; lack of consensus among shareholders hinders decision
The Board of Directors of OK again postponed the definition of the company's command. An extraordinary meeting was held this Thursday (15.Feb.2024), but ended “inconclusive”. There is still no consensus among shareholders on whether to maintain the current CEO, Eduardo Bartolomeo, or replace him. The executive's term ends in May.
O Power360 found that a vote held this Thursday on the two possibilities ended in a draw. Of the 13 members of the Council, 6 voted to reappoint Bartomoleo and 6 to begin the selection process for another name. Luís Henrique Guimarães, representative of Cosan in the collegiate, he abstained.
According to a statement sent by Vale and signed by the president of the Board of Directors, Daniel Stieler, the collegiate will meet again in the coming days in search of a definition on the matter.
If it chooses to replace Bartolomeo, the company will need to begin a selection process to find a new name. O Vale's bylaws determine that an internationally recognized company in the area of executive selection be hired to assist in preparing this list.
The possibility of Bartolomeo's reappointment comes up against the lack of interest in the continuity of the current CEO among some shareholders, especially the Predictpension fund of Bank of Brazil. The president's government Luiz Inácio Lula da Silva (PT) has been dissatisfied with the company's current management.
According to an investigation by the Power360the two representatives of Previ and the one nominated by Bradespar. 2 independent councilors and the workers' representative also followed this line. The other independents and Mitsui's nominee voted to maintain the current CEO.
Lula is trying to establish a name closer to Planalto as CEO of Vale. The government pressed for the chosen one to be the former Finance Minister, Guido Mantega, but backed down after the negative reaction from shareholders and the market. Still, he doesn't want Bartolomeo's maintenance.
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