Brazilian president Lulu pushing for Guido Mantega to be next Vale CEO – report

Brazilian President Luiz Inacio Lula da Silva wants his former finance minister to be the next chief executive officer of iron ore miner Vale SA (NYSE:VALE).

Lula would like to see Guido Mantega succeed Eduardo Bartolomeo as the next CEO of the world’s second-biggest iron ore producer, according to a Bloomberg report on Saturday, which cited people familiar with the matter. Bartolomeo’s term expires in May.

Lula may also support Bartolomeo for another term as CEO for a shorter term, if that would enable Mantega to be added to the Vale (Vale) board, preferably as chairman, according to the Bloomberg report.

The decision ultimately rests with Vale’s (VALE) board, which is expected to make a decision by this month’s end, Bloomberg said.

The federal government didn’t respond to a request for comment from Bloomberg. Vale declined to comment.

Brazilian publication Estadao reported on Tuesday that the Brazilian government agreed to keep Bartolomeo as head of Vale (VALE) until April 2025 with Matenga getting a seat on the board.

Vale (VALE) is set to report its Q4 production and sales report on Jan. 30 and its Q4 results on Feb. 22.