Ex­ec­u­tive look­ing for green pas­tures

The Star Early Edition - - COMPANIES -

VALE’s long­est-serv­ing ex­ec­u­tive di­rec­tor, fer­rous business head Jose Car­los Martins, is leav­ing the world’s top iron ore pro­ducer after prices for the steel­mak­ing ma­te­rial fell to five-year lows. Martins left the company to pur­sue new chal­lenges and was be­ing re­placed by base met­als head Peter Pop­pinga, Rio de Janeiro-based Vale said last week. The changes take ef­fect im­me­di­ately. “Vale be­lieves Peter’s track record of pro­duc­tiv­ity in­creases and achieve­ments in cost re­duc­tions in the base met­als business will serve him well in mak­ing the iron ore business even more com­pet­i­tive,” the company said of Pop­pinga’s ap­point­ment. Shares of Vale sank to the low­est since 2006 ear­lier last week after Cit­i­group rec­om­mended sell­ing the stock on the de­te­ri­o­rat­ing out­look for iron ore prices. The com­mod­ity lost 44 per­cent this year and trades close to five-year lows as surg­ing sup­plies from Vale in Brazil and BHP Bil­li­ton and Rio Tinto Group in Aus­tralia cre­ated a glut just as China’s econ­omy slowed. Jen­nifer Maki, cur­rently chief fi­nan­cial and ad­min­is­tra­tive of­fi­cer for base met­als, would take over as ex­ec­u­tive di­rec­tor of the unit, re­plac­ing Pop­pinga, Vale added. Pop­pinga, who started at Vale’s iron ore com­mer­cial business in 1999, held po­si­tions in Toronto, Switzer­land and Aus­tralia, among other lo­ca­tions. – Bloomberg

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