Brazil's Vale pledges to quickly replace outgoing board members
RIO DE JANEIRO, 2 July (Reuters) -Brazilian miner Vale VALE3.SA on Tuesday pledged to "proceed swiftly" to replace two independent board members who have resigned in the last few months.
The departure of Vera Marie Inkster on Monday, which followed the resignation of Jose Penido in March, left Vale's board with six independent members, below the seven required by the firm's bylaws.
The new members to be appointed will serve until the next extraordinary shareholder meeting, which will be convened later, Vale said in a securities filing. They will be selected with assistance from consultancy firm Korn Ferry.
Without Penido and Marie Inkster, Vale's board now has 11 members.
Their resignations came at an important time for the mining giant, as the board plans the succession process for the company's chief executive, Eduardo Bartolomeo, whose term ends later this year.
Upon leaving the company, board member Penido sent a letter to Vale's chairman harshly criticizing the succession process, pointing out alleged political influence in decisions, according to the document seen by Reuters.
Vale did not provide the reasons for Inkster's departure when it announced her resignation on Monday.
Reporting by Marta Nogueira; Editing by Chizu Nomiyama
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