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Brazilian President Luiz Inacio Lula da Silva aims to see his former finance minister, Guido Mantega, take the helm as the next chief executive officer of iron ore miner Vale SA (NYSE:VALE).
According to a recent Bloomberg report on Saturday, Lula is in favor of Mantega succeeding Eduardo Bartolomeo, the current CEO of the world’s second-biggest iron ore producer whose term expires in May.
Lula’s backing includes potentially endorsing Bartolomeo for a shortened term to facilitate Mantega’s appointment to the Vale board, preferably as the chairman, as per the Bloomberg report. However, the final decision rests with Vale’s board, which is anticipated to reach a verdict by the end of this month, as stated by Bloomberg.
While there has been no official response from the federal government to Bloomberg’s request for comment, Vale has declined to provide any comments.
Additional reports from Brazilian publication Estadao have suggested that the Brazilian government might permit Bartolomeo to remain as the head of Vale until April 2025, with Mantega expected to secure a seat on the board.
Vale is scheduled to release its Q4 production and sales report on January 30, followed by its Q4 financial results on February 22.
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