Vale CEO Schvartsman steps down after waste dam collapse

Monday, 04 March 2019 10:47:04 (GMT+3)   |   Istanbul

Brazilian mining giant Vale has announced that, late on Friday, March 1, 2019, its board of directors received recommendations from the Federal Public Prosecution Office (Ministério Público Federal), the Public Prosecution Office of the State of Minas Gerais (Ministério Público do Estado de Minas Gerais), the Federal Police and the Civil Police of Minas Gerais for the dismissal of some executives and employees at various levels of the company.

For the moment, Fábio Schvartsman (CEO), Gerd Peter Poppinga (executive director of Ferrous and Coal), Lucio Flavio Gallon Cavalli (head of planning and development of Ferrous and Coal) and Silmar Magalhães Silva (head of operations of the Southeast Corridor) have provisionally tendered their resignations to the board of directors, which has accepted them.

As of March 1, Eduardo de Salles Bartolomeo (currently executive director of Base Metals) has taken over as the interim CEO of Vale.

Vale has also stated that its board of directors remains in readiness to seek a transparent and productive relationship with the Brazilian authorities in order to clarify the facts, to properly remediate the damages and to maintain the company's integrity, and that it will keep society and the markets informed of any new facts.


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