Vale Board of Directors elects new CEO

Vale's management already has a new name to replace Eduardo Bartolomeu from 2025. The company's board of directors unanimously elected, last Monday (26), the current vice president of finance, Gustavo Pimenta, for the position.

The choice came after months of internal turmoil in choosing a new CEO. The current president, Eduardo Bartolomeu, was supposed to remain in office until May of this year, but his term was extended so that a new leader could be chosen.

Impasse in choosing a new CEO

Internal disagreements over the choice of new leadership for the mining company arose after news reports circulated that the federal government was negotiating the appointment of a new director for the company. Among the names speculated was that of former Finance Minister Guido Mantega.

The company's former board member, José Luciano Duarte Penido, resigned from his position in March of this year due to disagreement with the process of choosing and transitioning the mining company's leadership. Penido even stated that the process had been manipulated and that he was suffering “evident and harmful political influence”.

Vale SA is currently a company without direct shareholder control. The government has direct participation and veto power, either through the golden share or through participation through the Banco do Brasil Employee Pension Fund (Previ).

_{Economist Gustavo Pimenta was chosen by the council with unanimous votes (Photo: reproduction/Ben Hider/Ben Hider)}

Who is Vale's new director?

Vale’s new CEO, Gustavo Pimenta, is an economist with a master’s degree in economics and finance. Pimenta has a career spanning over twenty years and has worked professionally in several countries around the world in the financial, energy and mining sectors. He stated that under his management the company will continue to “with a focus on generating and distributing value, taking Vale to even higher levels”. He also added that good relations with stakeholders will be prioritized, as well as good socio-environmental practices.

Featured Photo: Iron ore extraction carried out by Vale (Reproduction/ Vale SA)