03:10 PM EDT, 03/12/2024 (MT Newswires) -- Vale (VALE) board member Jose Luciano Duarte Penido, who resigned on Monday, alleged that the succession process of the chief executive officer of the company was "manipulated," according to media reports Tuesday.

Brazilian miner extended Chief Executive Eduardo Bartolomeo's term until year-end amid reports of Brazilian government's influence on the decision.

Duarte Penido's resignation letter to Vale's chair cited "evident and nefarious political influence," in the CEO succession process and criticized biased leaks to the press, "in clear disregard for confidentiality," Reuters and Bloomberg reported, citing Penido's letter to the chair of the company's board.

Vale didn't immediately respond to MT Newswires' request for comment.

Shares of Vale were down 0.2% in recent Tuesday trading.

Price: 12.27, Change: -0.01, Percent Change: -0.11