*The board of Brazil’s largest mining company, Vale, has appointed Gustavo Pimenta to take over as its new CEO at the start of next year, ending months of speculation over the company’s leadership succession. Pimenta has served as the mining giant’s executive vice president for finance and investor relations since 2021. The selection process was marked by concerns over potential government interference, as Brazil’s President Luiz Inácio Lula da Silva reportedly sought to install former finance minister Guido Mantega (2006-2015) as the new CEO. Vale was privatised in 1997, but the government still holds an indirect stake and owns ‘golden shares’ which grant the government some veto powers over the company’s decisions. According to national media reports, upcoming challenges for Pimenta include several issues that will require dialogue with government authorities, such as the negotiations over reparations and compensation for the 2015 mining disaster in the municipality of Mariana, Minas Gerais state, caused by a burst tailings dam partly owned by Vale.
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