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Vale SA (NYSE:VALE) Chief Executive Officer Eduardo Bartolomeo will keep his job through the rest of the year as the mining company continues a search for a successor.
Bartolomeo will also support the CEO transition process starting next year and will remain as a company adviser until December of 2025, the Brazilian company confirmed in a statement to Bloomberg late Friday. Bartolomeo’s current term was set to expire in May.
The decision by Vale’s board to keep Bartolmeo as CEO was not unanimous as two directors opposed to the action, according to a Bloomberg report, which cited two people familiar with the situation.
The news comes after reports in January that Brazilian President Luiz Inacio Lula da Silva wanted his former finance minister to be the CEO of iron ore miner Vale. The reports also indicated that Lula may also support Bartolomeo for another term as CEO for a shorter term.