Barbosa, 49, is leaving Rio de Janeiro-based Vale to “pursue new professional challenges,” the company said today in a regulatory filing, without giving a time frame for when Cavalcanti’s appointment will take effect. The nomination will be submitted to the board at the next meeting, Vale said.
Cavalcanti has worked as global head of corporate finance at Vale since 2005. Previously, he worked as treasury director for Globo Comunicacoes & Participacoes SA and was a board member for Net Servicos de Comunicacao SA, Brazil’s largest cable-TV provider.
He has a master’s degree in economics from Pontificia Universidade Catolica in Rio de Janeiro.
Barbosa joined Vale in 2002 as its CFO. He formerly held several Brazilian government positions, including at the ministry of Industry and Commerce, at the ministry of Labor and at the ministry of Planning and Budget Management. He also served as secretary for the National Treasury at the Ministry of Finance and as an adviser for the World Bank.
Vale fell 2.1 percent, the most since June 18, to 41.03 reais at 5:07 p.m. in Sao Paulo trading. The stock has climbed 36 percent this year.