Vale (NYSE: VALE) new CEO, Gustavo Pimenta, is expected to earn up to $11 million annually.

His compensation package includes a fixed salary, bonuses, stock options, and benefits, according to regulatory filings from the mining company and as reported by Inteligencia Financeira.

At least 30% of Vale executives’ short-term compensation depends on meeting targets related to safety, risk management, and sustainability. For long-term compensation, since 2022, at least 25% of performance goals have been tied to environmental, social, and governance (ESG) metrics.

Vale has set a goal to reduce its greenhouse gas emissions by 33% by 2030.

Overall, about 80% of the new CEO’s compensation is tied to meeting specific targets.

Formerly Vale’s CFO, Pimenta took on the CEO role this Tuesday, beginning a three-year term.

He began his career in 2004 as an auditor at KPMG, where he worked for nearly three years. He then joined Citi as an executive in New York, staying for almost six years, including during the 2008 financial crisis.

In the following year, the executive joined AES Brazil, serving as vice president of services and later as vice president of finance and investor relations.

He went on to hold the same position in AES’s international operations. Pimenta also served on the boards of companies such as AES Gener in Chile and AES Clean Energy in the United States. He eventually moved to Vale as CFO, a position he held for almost three years before becoming the company’s CEO.

Source: MINING.COM – Read More