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Vale SA (NYSE:VALE) Chief executive Eduardo Bartolomeo will retain his role for the rest of the year as the mining company continues its search for a successor.
Bartolomeo will also support the CEO transition process starting next year he will remain a director of the company until December 2025, the Brazilian company confirmed in a statement to Bloomberg late on Friday. Bartolomeo’s current term was set to expire in May.
Vale’s board of directors’ decision to keep Bartolmeo as CEO was not unanimous as two directors opposed the action, according to a Bloomberg report, which cited two people familiar with the situation.
The news comes after reports in January that Brazilian President Luiz Inacio Lula da Silva wanted his former finance minister to be the CEO of iron ore mining company Vale. Reports also indicate that Lula may also support Bartolomeo for another term as CEO for a shorter period.