Fabio Schvartsman has taken office as Vale‘s Chief Executive Officer. Schvartsman replaces Murilo Ferreira, who was CEO for six years.
Schvartsman, 63, worked for 10 years at Duratex and for 22 years at the Ultra Group, leaving the company in 2007 as the Ultrapar holding CFO and [ds_preview]managing partner of Ultra S.A. Fabio was CEO of Telemar Participações and of San Antonio International and, since 2011, served as Klabin‘s CEO.
Murilo Ferreira steered Vale through a very turbulent period in the world mining industry and managed the company through some of the most difficult times in its history, it was said in a statement. Under Murilo´s leadership Vale became a leaner and responsive company with significant improvements in its competitive position while preserving the company´s balance sheet. With S11D, the largest project in its history was delivered, and the focus was turned to core assets, making divestments that totaled more than 16 bn $.
Schvartsman has a graduate and post-graduate degree in production engineering from the University of São Paulo and a post-graduate degree in Business Administration from Fundação Getúlio Vargas. He was appointed by Vale‘s Board of Directors from a list prepared by Spencer Stuart, an international recruiting company, in accordance with Vale´s governance.
