Vale SA (VALE:US), the world’s second-biggest mining company, named Luciano Siani as chief financial officer in the fifth replacement of a top executive in eight months.
Siani, currently global director for strategic planning, will replace Tito Martins, who leaves to pursue other career projects, the Rio de Janeiro-based company said in a statement late yesterday, without elaborating. Martins joined the company in 1985, Vale said.
Chief Executive Officer Murilo Ferreira reshuffled the company’s management in November, substituting three executive directors. Martins, who at the time was executive director of base metals, replaced Guilherme Cavalcanti as CFO. In May, Vale named Roger Downey as head of its fertilizers and coal business, replacing Eduardo Bartolomeo.
Martins’ resignation “comes as a surprise to us, but we expect no shift in direction of Vale,” Barclays Plc analysts led by Leonardo Correa in Sao Paulo said in a note to customers today. “We see no shift in strategic focus, and expect investors to take the transition in a neutral manner.”
Vale dropped 1.7 percent to 36.26 reais at 10:56 a.m. in Sao Paulo, heading to its lowest close since June 5. Before today, the stock has fallen 20 percent in the past 12 months, compared with the 12 percent decline in the Brazilian benchmark Bovespa index.
Siani, who joined Vale in 2008, is a former consultant for McKinsey & Co. and was an executive for 12 years at Brazil’s state-controlled development bank, known as BNDES, the company said in yesterday’s statement. He studied mechanical engineering at Rio’s PUC University and business at New York University’s Stern School of Business, Vale said.
Vale is scheduled to post second-quarter per-share profit of 74.4 cents excluding some items, the average (VALE:US) of 11 analysts’ estimates in a Bloomberg survey, tomorrow after markets close. Profit is forecast to fall from $1.22 per share a year earlier.
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