Vale (NYSE: VALE) has appointed its Chief Financial Officer, Gustavo Pimenta, as the new Chief Executive Officer, following a contentious succession process that saw the departure of board members amid allegations of political meddling. The decision to promote Pimenta was unanimously approved by the board, according to a company filing. The transition will adhere to a pre-established timeline previously disclosed by the firm.
Gustavo Pimenta, who was born in 1978, brings two decades of experience in finance, energy, and mining to his new role. He joined Vale as CFO in 2021 after more than a decade at the U.S. power company AES Corp. He also previously held the position of Vice President of Strategy and Mergers and Acquisitions at Citibank in New York.
During his tenure as CFO, Pimenta played a key role in advancing Vale’s productivity initiatives, with an emphasis on capital allocation, cost efficiency, and crafting a strategy to reduce the company’s greenhouse gas emissions by 33% by 2030. He has also been instrumental in ongoing negotiations with the Brazilian government, including reaching a final settlement for the 2015 Mariana disaster and addressing the Carajas railway concession renewal. Pimenta stated that his focus as CEO will be on “creating and sharing value, taking Vale to even higher levels.”
Earlier this year, in May, Vale announced that it would reveal its new CEO by December 3 after the board reviewed a candidate list presented by the Russell Reynolds consultancy firm by the end of September. According to the plan, outgoing CEO Eduardo Bartolomeo would assist in the transition process until February 2025.
The succession process, however, was fraught with challenges, including alleged government interference, leaks of sensitive information, and the resignation of two independent board members. One of these members, Jose Luciano Duarte Penido, stepped down in March, criticizing the process as “manipulated” in his resignation letter.
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