Fabio Schvartsman stepped down temporarily as CEO of Vale as the world’s largest iron ore producer comes under increased government scrutiny for failing to prevent a second deadly burst of one of its hundreds of tailings dams in Brazil.
“Even totally assured of my righteous ways and having fulfilled my duty, I request the board to accept my temporary leave in the benefit of the company’s continued operations,” Schvartsman said in the letter to the board. He will be replaced by Eduardo Bartolomeo, an executive director, as the interim CEO.