Vale's CEO announcement to curb market speculation, says chair

Brazilian miner Vale's decision this week to announce a new chief executive sought to avoid further market speculation over other potential candidates, the company's chairman told Reuters on Tuesday.

Vale said on Monday that CFO Gustavo Pimenta would take the reins of the company as its next CEO, wrapping up a turbulent succession process months ahead of the company's own deadline.

Shares of Vale gained 3% on Tuesday, as many analysts welcomed the leadership shakeup.