Investors and analysts raise questions about Fabio Schvartsman replacement
Vale CEO Fabio Schvartsman. Picture: REUTERS/UESLEI MARCELINOInvestors were sceptical on Sunday about the surprise decision by Brazil's Vale SA to remove its high-profile CE 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. One analyst at a major investment bank, who requested anonymity as he was not authorised to speak to the media, said many clients had reached out to him with concerns since Schvartsman's dismissal.
While Bartolomeo had often been floated as a possible successor, the analyst said, he is more focused on Vale's physical mining operations than its finances. Bartolomeo's mandate has been to turn around Vale's nickel business but the results have so far been mixed, the analyst said.
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