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Vale announces temporary removal of CEO, other executives

  • Author
  • Guilherme Baida
  • Editor
  • Geetha Narayanasamy
  • Commodity
  • Metals

Sao Paulo — Besieged iron ore miner Vale, which suffered a fatal dam burst at its Feijao mine in Brazil January 25, on Saturday announced the temporary removal of some of its executives, including its CEO Fabio Schvartsman.

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"Vale informs that, at the end of Friday, March 1st 2019, its Board of Directors received from the Federal Public Prosecution Office, the Public Prosecution Office of the State of Minas Gerais, the Federal Police and the Civil Police of Minas Gerais the Recommendation No. 11/2019 with considerations and recommendations on the dismissal of some executives and employees at various levels of the company," it said in a statement.

Vale said its Board of Directors held meetings Friday night and Saturday morning, including interactions with the company's executives.

"During these discussions, the Board received from the executives Fabio Schvartsman (CEO), Gerd Peter Poppinga (Executive Director of Ferrous and Coal), Lucio Flavio Gallon Cavalli (Head of Planning and Development of Ferrous and Coal) and Silmar Magalhaes Silva (Head of Operations of the Southeast Corridor), requests for temporary removal from office, which were immediately accepted," the company said.

Vale appointed Eduardo de Salles Bartolomeo, currently Executive Director of Base Metals, as interim CEO of Vale; Claudio de Oliveira, current Head of Pellet and Manganese, as Executive Director of Ferrous and Coal; and Mark Travers, current Head of Legal, Institutional Relations and Sustainability of Base Metals, will hold the interim position of Executive Director of Base Metals.

Vale also said that its Board of Directors is ready to seek a transparent and productive relationship with the Brazilian authorities in order to clarify the facts and properly remediate the damages. It added that it will keep the market informed of any updates.

Vale's Corrego do Feijao mine's No. 1 tailings dam collapsed January 25, leaving at least 186 dead and up to 122 people missing.

-- Guilherme Baida, guilherme.baida@spglobal.com

-- Edited by Geetha Narayanasamy, newsdesk@spglobal.com