Brazilian iron ore miner Vale names CFO Pimenta as next CEO
Adds background about CEO succession in paragraphs 3-7
SAO PAULO, Aug 26 (Reuters) -Brazilian miner Vale on Monday said that currentChief Financial Officer Gustavo Pimenta will become its nextChief Executive Officer, wrapping up a noisy succession process that had seen board members depart amid accusations of political intrigue.
Pimenta, 46, who willreplace current CEO Eduardo Bartolomeo, was elected by the board unanimously, Vale said in a securities filing, adding the transition will follow a schedule the firm had already released.
In May, Vale said it would unveil its next CEO by Dec. 3, followingboard approval by the end of September of a candidate list to be presented by Russell Reynolds consultancy firm. Bartolomeo would then support the transition to his successor by February 2025 under that previously announced timeline.
Vale, one of the world's largest iron ore producers, lost two independent board members in less than four months this year amid the process of finding a new CEO.
One of them, Jose Luciano Duarte Penido, left the board in March and said in his resignation letter, reviewed by Reuters at the time, that the firm's succession process was being conducted in a "manipulated manner."
Days before Penido's exit, Vale had extended the term of Bartolomeo until the end of the year, amid media reports that the Brazilian government was seeking to influence the choice of a new CEO.
Although Vale was privatized over 25 years ago, the government has continued to exert pressure on the miner's board of directors at times through public-sector pension funds.
Reporting by Andre Romani; Editing by Brendan O'Boyle, Brad Haynes and Christian Schmollinger
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