Vale is recruiting Marcelo Bacchi, Suzano’s CFO

Vale has just announced the appointment of Marcelo Bacchi – Suzano’s current CFO – as its new Vice President of Finance and Investor Relations.

He begins his new role on December 3.

Since the promotion of Gustavo Pimienta from CFO to CEO, Global Control Director, Murilo Mueller, has served as CFO on an interim basis.

Bacchi has been with Suzano since 2011 and has been CFO for over 10 years. Previously, he was CFO of Louis Dreyfus Brasil for five years, after stints at Unibanco and Promon.

The CEO is also an advisor to Grupo Energisa and has been Member of the Board of Directors From the BRF for two years, from 2020 to 2022.

Suzano has already announced Bacci’s replacement: Marcos Asambacão, current director of financial planning and mergers and acquisitions.

Marcus, who reports to Bache, has been at Suzano since January 2022, and has already led the treasury, finance, M&A and credit areas. Marcus is an old acquaintance buyside. Before Suzano, he worked for 17 years in research at Itaú BBA and Bank of America, where he primarily covered the pulp and paper sector.

This is Vale’s second major C-level change since Pimenta took charge of the mining company.

Last week, he fired the company’s commercial vice president, Marcello Spinelli, who had worked at Vale for 20 years. To replace him, he temporarily promoted Director of Product and Business Development, Rogerio Nogueira.

The announcement of the new CFO comes on the same day that Vale announced the agreement with public authorities regarding Mariana’s compensation. The total value reached R$170 billion, R$100 billion will be paid in installments over 20 years, R$32 billion are obligations to be fulfilled by Samarco, and R$38 billion are amounts already paid.

Vale estimates that it will have to shell out about R$2 billion to R$3 billion annually over these 20 years, excluding next year, when it will have to shell out a larger sum of R$11 billion.

Despite these liabilities, the company has strong cash generation and controls leverage, at approximately 0.5x EBITDA.

Pedro Arbex