Vale dismisses CEO over deadly dam collapse
Investors and analysts raise questions about Fabio Schvartsman replacement
Rio De Janeiro — Investors were sceptical on Sunday about the surprise decision by Brazil's Vale SA to remove its high-profile CE in the wake of a deadly January accident at one of the world's largest iron ore miner's facilities. Vale's board dismissed CEO Fabio Schvartsman, as well as three other executives including chief of coal and ferrous metals Peter Poppinga, on a "temporary" basis on Saturday night, after state and federal prosecutors recommended their exit. Investors and analysts raised questions about his replacement, the head of the firm's base metals division Eduardo Bartolomeo, who is a little-known quantity in the markets, unlike Schvartsman. "My worry is that dismissing the top executives leaves the company leaderless or with less experienced leadership and simply adds to the turmoil," said John Tumazos of John Tumazos Very Independent Research, which focuses on mining, metals and forest products. One analyst at a major investment bank, who requested anonymity as he w...
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