Brazilian iron ore miner Vale said in a statement that its CEO, Eduardo Bartolomeu, will remain in his position until December 31, 2024.
The normal term in office would have been concluded on May 26, but different factors affected the normal replacement, including pressure by the government to nominate the new CEO, and a division among the members of the company board, some of which wanted to maintain Bartolomeu for another term in office, while others wanted to start a competitive process for a new CEO.
According to the statement, Bartolomeo will support the transition to a new leadership, remaining as an advisor of the company until December 31, 2025.
The selection of the new CEO will count on the support of a specialized company that will help the board with the indication of the candidates.