Vale CEO leaves temporarily after failing to avoid disaster

CEO Fabio Schvartsman of mining group Vale has stepped down temporarily as the company is facing increased scrutiny for failing to prevent a second burst of one of its hundreds of tailing dams.

BY MARIO SERGIO LIMA AND WALTER BRANDIMARTE, BLOOMBERG

Fabio Schvartsman stepped down temporarily as chief executive officer of Vale SA 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.

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