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Global Mining: Brazil politics could keep Ferreira as Vale CEO for two more years
Vale’s (VALE +7.9%) top non-government shareholders want CEO Murilo Ferreira to stay in his job for another two years to stem pressure from Brazilian politicians to appoint an ally, Reuters reports, citing newspaper Valor Econômico.
Members of Brazilian Pres. Temer’s PMDB party and Senator Neves of the PSDB party from the mineral-rich Minas Gerais state, where Vale is based, have been vying for months to influence the selection of the new CEO, according to the report.
The tension over the Vale job is the latest sign of strain between the two biggest parties in Temer’s coalition, as the PSDB and some in Temer’s PMDB have clashed over a string of ministry posts and may run rival candidates in Brazil’s 2018 presidential election.
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