Vale has reported that Murilo Ferreira will not renew his contract after the expiration of his term as Vale’s CEO on 26 May 2017.
Murilo was nominated Vale CEO in May 2011. Murilo steered Vale through a very turbulent period in the world mining industry and managed Vale through some of the most difficult times in its history. It was also under Murilo’s leadership that Vale became a much leaner and responsive company with significant improvements in its competitive position while preserving the company’s balance sheet. Under Murilo's direction, Vale delivered S11 and turned its focus to core assets, making divestments that totaled more than US$15 billion. Over these past years, Vale has simplified its portfolio, increased its discipline in capital allocation, completing approximately 20 other important projects on time and on budget.
Vale’s Board of Directors has also announced that, as a result of the non-renewal of Mr. Murilo Ferreira’s term as Vale’s CEO, the selection of a successor will occur, as per the existing governance process. The selection process will be supported by an international executive recruiting firm and the new CEO will be elected by Vale’s Board of Directors.
Read the article online at: https://www.worldcoal.com/mining/27022017/murilo-ferreira-steps-down-as-vales-ceo/