Lula is committed to appointing Mantega to head Vale.
Lula's stated intention is to transform Vale into a strategic partner of the government, aligned with initiatives to boost the economy.
247 - President Luiz Inácio Lula da Silva (PT) is committed to promoting the appointment of former minister Guido Mantega as CEO of Vale, one of Brazil's largest mining companies. Lula has mobilized his allies to orchestrate this nomination among shareholders, aiming to take control of the leading company in the mineral sector.
The strategy of the Planalto Palace includes the possibility of Mantega occupying one of the two seats on the board of directors currently held by Previ, the pension fund for Banco do Brasil employees. With a total of 13 seats, each board member receives a monthly salary of R$ 112. This approach would allow Mantega to begin his activities internally, preparing the ground to succeed the current CEO, Eduardo Bartolomeo, according to sources. reporter from Folha de S. Paulo.
Although Lula expressed his desire to see Mantega at the helm of Vale as early as this year, instead of the possible reappointment of Bartolomeo, his interlocutors warn that this arrangement will not be easy, requiring discreet moves with shareholders, including the support of Mitsui, one of Vale's main shareholders.
Lula's stated intention is to transform Vale into a strategic partner of the government, aligned with initiatives to boost the economy and committed to federal projects, such as the energy transition and environmental issues. Despite the significant profits accumulated in the first three quarters of 2023, totaling R$ 27,9 billion, there is still no consensus among private shareholders on the best direction for Vale to take. The decision regarding the new leadership of the mining company will be discussed at a board meeting scheduled for January 31st.