Fabio Schvartsman, the current CEO of Brazilian miner and iron ore producer Vale, will lead the company for a further two-year term, the company said on Friday.
Schvartsman has been Vale’s CEO since April 2017, replacing former CEO Murilo Ferreira.
Schvartsman helped Vale implement a new corporate structuring by merging the company’s different classes of shares into a single one.
He was initially expected to have a short-term at Vale as CEO, according to analysts, however, the renewal of his two-year contract indicates he might lead Vale for a while more.
Former Vale CEO Murilo Ferreira led the company from 2011 to 2017.
Vale said on Friday Schvartsman’s extended contract is in “harmony” with the company’s board and the miner’s new succession policy.
During Schvartsman’s term, Vale has become more competitive, and has focused in supplying the market richer iron ore, with less contaminant and higher Fe content.