Brazilian miner and iron ore producer Vale has denied any wrongdoing in the appointment of the company’s new CEO, Fabio Schvartsman, who was allegedly involved with a Brazilian politician currently under investigation for corruption.
Aecio Neves, a suspended senator, said in a taped conversation he “nominated” Vale’s new CEO, Fabio Schvartsman, who started this week.
Both Neves and Vale denied the nomination of the Schvartsman had any political influence by Neves.
“Vale’s administration council reaffirms the process to elect the members of its executive board of directors, especially its president, Fabio Schvartsman, had no external influence and was conducted accordingly to the benchmarking practices in the markets, following the company’s corporate governance rituals,” the company said.