Vale's Board Betting Next CEO Will Help Improve Company's Image [BNN Bloomberg (Canada)]
BANCO DO BRASIL SA S/ADR (BDORY)
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Source: BNN Bloomberg
These are the short-term goals for incoming Chief Executive Officer Gustavo Pimenta, said Daniel Stieler, who runs the board as a nominee of Previ — the pension fund of state-controlled Banco do Brasil SA, Vale's biggest individual shareholder with an 8.7% stake. Pimenta's ability to communicate with stakeholders was behind the board's unanimous decision to select him, Stieler said Tuesday at the company's headquarters in Rio de Janeiro. “Vale has a reputation issue that needs to be reestablished, to show society its value,” Stieler said. “The communication process is very important.” Good dialogue with local authorities is critical for Vale to get environmental licenses and expand output, Stieler said. The steelmaking ingredient remains the company's flagship, although Vale shouldn't close its doors to partnerships, prospecting for new geographies and minerals, including copper, the chairman added. The miner continues to negotiate a settlement for a Vale-BHP iron venture dis
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