Fabio was appointed by Vale’s Board of Directors from a list prepared by Spencer Stuart, an international recruiting company, in accordance with Vale’s governance. He replaces Murilo Ferreira, who was Vale’s CEO for 6 years. Under his management, Murilo steered Vale through a very turbulent period in the world mining industry and managed Vale through some of the most difficult times in its history. It was also under Murilo’s leadership that Vale became a much leaner and responsive company with significant improvements in its competitive position while preserving the company’s balance sheet. Vale delivered S11D, the largest project in its history, and turned its focus to core assets, making divestments that totaled more than US$16 billion.