Vale CEO steps down

Date: Mar 4, 2019

Brazil’s Federal Public Prosecution Office, the Public Prosecution Office of the state of Minas Gerais, the Federal Police and the Civil Police of Minas Gerais wrote to Vale on Friday, recommending the dismissal of certain executives and employees.

The board met on Friday and Saturday, during which Schvartsman offered to temporarily step down.

“Even totally assured of my righteous ways and having fulfilled my duty, I request the board to accept my temporary leave in the benefit of the company’s continued operations,” Schvartsman said in a letter to the board, according to Bloomberg.

Executive director of Ferrous and Coal Peter Poppinga, head of planning and development of Ferrous and Coal Lucio Flavio Gallon Cavalli, and head of operations of the Southeast Corridor Silmar Magalhães Silva also stepped down.

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