Brazilian steelmaker CSN has appointed Fabio Schvartsman as its new CEO, effective September 3. He replaces Benjamin Steinbruch, who will transition to chairman of the board. Schvartsman is a former CEO of Vale and faces homicide charges.
The appointment of a new CEO at a major industrial company like CSN is significant, but the incoming leader's background, including facing homicide charges, adds a layer of complexity and potential risk.
Brazilian steelmaker CSN announced that Benjamin Steinbruch will step down as chief executive officer, with Fabio Schvartsman set to take over the role starting September 3. Steinbruch has been approved to become the chairman of CSN's board of directors.
Schvartsman is a former CEO of the mining firm Vale. In a separate development, Brazilian state prosecutors charged Schvartsman and 15 other individuals with homicide in connection with a dam disaster in Minas Gerais state that killed more than 250 people. Vale and inspection company TUV SUD were also charged with environmental crimes related to the incident.