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A Vale (NYSE:VALE) board member who resigned this week said his decision came after the succession process of the firm was conducted in a “manipulated manner,” Reuters reported Tuesday.
Vale (VALE) extended the term of its CEO Eduardo Bartolomeo until the end of the year, alongside reports that the Brazilian government was seeking to influence the decision.
The board’s decision to keep Bartolmeo was not unanimous, as two directors reportedly opposed the action.
In the letter to Vale’s (VALE) chair, board member Jose Luciano Duarte Penido said the process of choosing a new CEO had “evident and nefarious political influence,” and cited frequent and biased leaks to the press “in clear disregard for confidentiality.”