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Vale SA (New York Stock Exchange: VALE) CEO Eduardo Bartolomeo will maintain his position for the rest of the year while the mining company continues its search for a successor.
Bartolomeo will also support the CEO transition process starting next year and will remain as an advisor to the company until December 2025, the Brazilian company confirmed in a statement to Bloomberg lI ate on Friday. Bartolomeo's current term would expire in May.
The Vale board's decision to keep Bartolmeo as CEO was not unanimous as two directors opposed the move, according to a Bloomberg report, which cited two people familiar with the situation.
The news comes after it was reported in January that Brazilian President Luiz Inácio Lula da Silva wanted his former finance minister to be the CEO of iron ore miner Vale. Reports also indicated that Lula could also support Bartolomeo for another term as director general for a shorter period.
