Brazilian mining giant Vale has reported the resignation of Vera Marie Inkster from its board of directors, the second such exit in less than four months as the company navigates a search for a new CEO.
The company provided no reason for Inkster’s departure in its filing on Monday. This follows the March resignation of another independent board member, Jose Luciano Duarte Penido, who cited concerns about the “manipulated manner” in which the CEO succession process was being conducted.
Penido was reportedly favorable to fully renewing the term of current CEO, Eduardo Bartolomeo, until the end of the year, amid media reports that the Brazilian government was seeking to influence the choice of a new chief executive.
Although Vale was privatized over 25 years ago, the government has continued to exert pressure on the miner’s board of directors at times through public-sector pension funds.
With Inkster and Penido both being independent board members, their exits mean Vale will now need to call a shareholders’ meeting to address the number of independent members falling below the seven defined in the company’s bylaws.
Vale declined to provide further comment when requested by Reuters, but the latest board-level upheaval underscores the challenges the company is facing in its CEO search and succession planning process.