Manuel Lino Silva de Sousa Oliveira, known as "Ollie," has been elected as the new chairman of Vale's board of directors, concluding a period of significant turmoil within the company's leadership. The election saw Ollie, supported by Previ, the pension fund of Banco do Brasil and a major Vale investor, secure the position until April 2027. His opponent was Marcelo Gasparino da Silva, the vice-chairman, who had voiced concerns about potential political interference related to Previ's proposal.

The vote was closely watched due to the protracted internal disagreements. Preliminary remote voting results indicated Ollie in the lead with 1.29 billion votes, compared to Gasparino's 746 million votes. These numbers represented 48.5% of Vale's voting capital and did not include votes from American Depositary Receipt (ADR) holders, whose votes were to be represented by JPMorgan Chase Bank. The final outcome still depended on the inclusion of these ADR votes, although Ollie maintained a comfortable lead.

The dispute intensified in June when Previ requested the removal of Daniel Stieler, the previous chairman whom Previ itself had nominated in 2021. Stieler resigned earlier in the month, prompting the immediate need for a new chairman. Previ, which holds a 6.8% stake in Vale, asserted that the move was intended to refresh and strengthen the independence of the board.

Despite the heated nature of the election, analysts from BTG Pactual suggested that the outcome is unlikely to alter Vale's strategic direction or capital allocation significantly. They highlighted a limited risk of direct government interference, implying that the change in leadership might not translate into major operational shifts for the Brazilian mining giant.

The election received over 2.066 billion votes in total from shares, representing 48.5% of the company's voting capital. For Ollie's candidacy, 1.29 billion votes were cast in favor, with 49.1 million against and 724.5 million abstentions. For Gasparino, there were 746.2 million votes in favor, 889 million against, and 430.7 million abstentions. These figures underscore the division among shareholders, even as Ollie emerged victorious. www.bloomberglinea.com.br www.cnnbrasil.com.br valor.globo.com www.sec.gov