Brazil's Vale board vice president removal under CVM investigation

Brazil's securities regulator, the Comissão de Valores Mobiliários (CVM), opened formal investigations into the removal of Marcelo Gasparino, vice‑president of the board of mining giant Vale. The regulator alleges Gasparino leaked confidential company information to the press and is examining whether the removal procedure complied with regulations.

Gasparino, a six‑year Vale veteran, lost his bid for the board chair to Manuel Lino Silva de Sousa Oliveira (also known as Ollie) at a shareholders' meeting. The new chair proposed Gasparino’s dismissal during his first council meeting, a move opposed by the Previ pension fund, which had backed the former chair. The removal still requires confirmation by shareholders at a forthcoming assembly. The CVM is also probing a separate case involving compensation paid to former chair Daniel Stieler after his resignation.

Vale’s communications office declined to comment on the investigations.