Decision on new president remains open and Bartolomeu could be reappointed, says newspaper

Decision on new president remains open and Bartolomeu could be reappointed, says newspaper
Decision on new president remains open and Bartolomeu could be reappointed, says newspaper
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The soap opera in relation to the new president of OK (VALE3) continues without an outcome. The company’s board of directors met on Friday (02) to discuss the issue, but, according to the newspaper Valor Econômico, it did not reach a verdict.

The expectation is that the Vale’s advice meet again in the coming days. The current president of the mining company, Edward Bartholomew, remains in the running to be reappointed to the position, according to the publication. But a source who spoke to the report stated that “a lot of water is still going to flow”.

Still according to Valor, the Vale’s board of directors, which is made up of 13 members, has decided which path to take. The information that arrives regarding the company’s succession process is diffuse, which indicates a lack of alignment of opinions among the board.

According to the newspaper, it was recommended that a competitive process be opened to choose the new CEO of Vale. Thus, a company specializing in recruitment would select three candidates to compete for the position, one of which would be Eduardo himself. Bartholomewwho currently holds the position.

In addition to the current president of Valeanother potential candidate would be Luís Henrique Guimarãesmember of the board and management of the mining company and a trusted executive of Rubens Omettobusinessman who owns Cosan (CSAN3).

The third name, however, would be unknown. Therefore, it is possible that a candidate from outside the company may emerge.

However, according to Valor’s investigation, there is no consensus regarding the opening of this competitive process, since part of the board would be willing to formalize a proposal for a direct reappointment for Bartolomeu. In this case, the current CEO of the mining company would receive indications for improvement in his management, such as the need to improve the institutional relationship with the federal government.

The conditions for Bartolomeu to take office would be defined between Saturday and Sunday and presented to the executive next week. If he agrees, the council would hold a new extraordinary meeting to vote on the renewal.

The majority of Vale collegiate would be in favor of Eduardo Bartolomeu, according to Valor. However, the topic is sensitive and involves business and government interests, such as Lula’s attempt to promote the name of Guido Mantega in the company. As a result, the succession process for the presidency of the OK remains open.

The article is in Portuguese

Tags: Decision president remains open Bartolomeu reappointed newspaper

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