Vale CEO steps down: Move comes one month following Jan. 25 tailings dam failure in Brazil.

Date01 April 2019

Vale Ltd. CEO Fabio Schvartsman and three of the company's senior executives stepped down one month following the collapse of a tailings dam in Brazil that killed 186 people.

In a March 2 statement, the Brazilian mining company said Schvartsman, along with 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, requested "temporary removal from office," which the company accepted.

Vale said the move came at the joint recommendation of Brazil's Federal Public Prosecution Office, the Public Prosecution Office of the State of Minas Gerais, the Federal Police, and the Civil Police of Minas Gerais.

Eduardo de Salles Bartolomeo, who is currently executive director of base metals, has been appointed as interim CEO, effective immediately.

The company said Bartolomeo would "maintain an open and transparent dialogue with the various stakeholders of the company."

"The choice of Eduardo Bartolomeo, Vale's most experienced executive director and with a solid career inside and outside the company, followed the company's succession process in accordance to the interim succession plan previously discussed by the board of directors," Vale said in a statement.

"The choice is aligned with the goal of bringing a senior executive to ensure stability to Vale's operations, continuity of the indemnification process, repair and mitigation of the effects of the rupture of Dam I of the Corrego do Feijao mine.

Claudio de Oliveira Alves...

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