After the dispute with Mantega, the current president is the favorite of the Board of Directors and should remain in office
Vale must keep the CEO Eduardo Bartolomeo in office, according to the Power360. The current president is the favorite of the mining company's Board of Directors, which wants to define the company's command as soon as possible.
This digital newspaper also found that the definition must be made in a meeting this week, despite the executive's mandate until May, and Vale has stated that it will use this time for evaluation.
Some conditions must be presented to Bartolomeo and, if he accepts, he will continue in the position.
The position of CEO of the mining company has been the target of the president's government's desire Luiz Inácio Lula da Silva (PT) in recent weeks, which tried to appoint former Finance Minister Guido Mantega to the role.
The reception was not well received by some shareholders – especially international ones – and the mining company's Board of Directors was divided. After the news of Mantega's name being dropped, the signal from investors was positive. The mining company's shares rose again.
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Executives from large companies that have a stake in the mining company were being pressured over the last few weeks by phone calls from the Minister of Mines and Energy, Alexandre Silveira, –which some saw as a kind of threat. Silveira asked businesspeople for support in choosing Guido Mantega for the position of president of the company.
Vale's current president is not accepted by the government. The president Luiz Inácio Lula da Silva (PT) criticized the company. He declared on January 25 that the company did not “anything” to repair the destruction caused by the tragedy in Brumadinho (MG).
The Valley signed an agreement on reparatory measures with the State worth R$37 billion in February 2021. The company also said on January 15 that it had agreed separate agreements compensation to 15,400 people worth R$3.5 billion.
By financial market agents, the former Minister of Finance is considered one of those responsible for Brazil's economic recession in 2015 and 2016. GDP (Gross Domestic Product) fell 3.5% and 3.3%, respectively .
Silveira said on January 26 that he never talked to Lula about Mantega going to Vale. He stated, however, that he talks daily with the former Finance Minister and denied that there was “bribery” to promote Mantega to Vale.
Asked about Bartolomeo as president of the company, Silveira declared that he has criticisms “blunt” to management and defended greater proximity between the company and the government. He stated that the company needs to respect the Brazilian people and public policies. “Things are very slow in Vale”, he declared.
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