RIO DE JANEIRO/SAO PAULO - Investors were skeptical on Sunday about the surprise decision by Brazil’s Vale SA to remove its high-profile chief executive in the wake of a deadly January accident at one of the world’s largest iron ore miner’s facilities.
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. He called the change a “relevant loss” for the company given Schvartsman’s “high caliber and proximity to markets.”
Prosecutors are looking into what happened at Corrego do Feijao. While it is not yet clear the extent to which executives knew of the dangers at the mine, documents have emerged in recent weeks showing that some at the firm knew the dam had an elevated risk of rupture.
Vale investors value profits over safety and are surprised when the golden boys are arrested for killing 300 + people in 2nd disaster? Seriously?
So, investors didn't agree with this change... maybe because none of those relatives were buried alive by 10m in depth of iron ore residues.
No surprise at all for the Brazilian People. More the 300 hundred people died because of Vale High Risk Operatiobal Profile in Brumadinho Mibe. The CEO may find another position. Death people cannot return anymore.
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