Investors skeptical of Vale’s surprise CEO shakeup after deadly dam burst in Brazil GlobeBusiness
Investors were skeptical on Sunday about the surprise decision by Brazil’s Vale SA to remove its high-profile chief executive in the wake of a deadly January accident at one of the world’s largest iron ore miner’s facilities.
Investors and analysts raised questions about his replacement, the head of the firm’s base metals division Eduardo Bartolomeo, who is a little-known quantity in the markets, unlike Schvartsman.“My worry is that dismissing the top executives leaves the company leaderless or with less experienced leadership and simply adds to the turmoil,” said John Tumazos of John Tumazos Very Independent Research, which focuses on mining, metals and forest products.
He called the change a “relevant loss” for the company given Schvartsman’s “high caliber and proximity to markets.”
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