Vale Announces New Chief Financial Officer as Company Faces Strategic Changes
In a significant reshuffle of its executive team, Vale, one of the world’s largest mining companies, has appointed Marcelo Bacci as its new Executive Vice President of Finance and Investor Relations. Bacci, who has served as the CFO of Suzano since 2011, will assume his new role on December 3, 2023.
Leadership Transition
The announcement follows a series of leadership changes at Vale, initiated by Gustavo Pimenta’s promotion from Chief Financial Officer to Chief Executive Officer. Since his promotion, Murilo Muller, Vale’s Global Director of Controllership, has been serving as the interim CFO. The decision to bring in Marcelo Bacci marks a decisive move in fortifying Vale’s financial leadership.
Bacci’s extensive experience in finance spans over a decade at Suzano, and prior to that, he held the position of CFO at Louis Dreyfus Brasil for five years. His career also includes valuable stints at banking giants Unibanco and Promon. In addition to his roles in corporate finance, Bacci serves as an advisor for Grupo Energisa and was a board member at BRF from 2020 to 2022.
Suzano’s New Financial Leadership
Following Bacci’s departure, Suzano has announced Marcos Assumpção as his replacement. Assumpção, previously Director of Financial Planning and Mergers & Acquisitions at Suzano, has been a part of the company since January 2022. He brings a wealth of knowledge from his 17-year tenure in research at Itaú BBA and Bank of America, focusing primarily on the paper and pulp sectors.
Strategic and Financial Implications
The appointment of a new CFO at Vale coincides with crucial developments. The company recently struck an agreement with public authorities concerning the substantial compensation linked to the Mariana dam disaster. This agreement obligates Vale to a long-term plan involving the dispensation of R$170 billion in various forms. Of this, R$100 billion will be paid over 20 years, R$32 billion will be tasks to be executed by Samarco, and R$38 billion are amounts already disbursed.
Despite the scale of these financial commitments, Vale remains in a stable position with robust cash flow and maintains a manageable leverage ratio of approximately 0.5x EBITDA. The strategic infusion of fresh leadership with Marcelo Bacci is seen as aligning with the company’s goals to strengthen its financial operations while navigating these obligations.
Recent Managerial Changes
Marcelo Bacci’s appointment is the second major C-level transformation at Vale since Pimenta assumed leadership of the mining giant. Just last week, Vale dismissed its long-serving VP of Commercial, Marcelo Spinelli, who had dedicated 20 years to the company. Rogério Nogueira, Director of Product and Business Development, has stepped in as interim successor.
As Vale embarks on this new chapter under revised leadership, these strategic executive shifts signify a commitment to reinforcing its financial stability and operational efficiency in a challenging global marketplace.
For more information about Vale and its operations, please visit their official website.
