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Vale: Agnelli Leaves Strong Legacy

Vale’s CEO Roger Agnelli, ousted by Brazil’s government, helped Vale outperform its multilatina peers.



Just as Brazilian mining company Vale gets new leadership, the latest Multilatina Index from Latin Business Chronicle shows that the company outperforms its peers in revenue growth.


Murilo Ferreira is scheduled to replace Roger Agnelli as CEO of Vale on May 22 after government pressure led to Agnelli’s ouster.  


Although Vale was privatized 14 years ago – in May 1997 – the government maintained so called golden shares in the company, giving it veto power over certain decisions. Meanwhile, it maintained control through Valepar, which owns 52.7 percent of the shares and another 8.7 percent stake by Brazil’s development bank BNDES (through BNDESPAR). Valepar is in turn owned 49 percent by Litel Participações (majority owned by state bank Banco do Brasil) and BNDESPAR.


Agnelli, who became CEO ten years ago, had often clashed with government officials over Vale’s investments. The government wanted Vale to invest more in Brazil, while Agnelli aggressively pushed for international expansion and investments.  Last year, international revenues accounted for 82 percent of Vale’s revenues, according to a Latin Business Chronicle analysis.


By any business standard, Agnelli’s strategy has paid off. It became ...



Keywords: Alfa, Alicorp, America Movil, Arcor, Bimbo, Brasil Foods, Cemex, Cencosud, CMPC, CSN, Embraer, Endesa, Femsa, Frontier Strategy Group, Gerdau, JBS, LAN, Marfrig, Modelo, Nacional de Chocolates, Natura, Petrobras, Telmex, Tenaris, Vale

Multilatina Index (4Q 2010)


Multilatina Index (2010)



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