The fight with Dilma Roussef was a good deal for the former president of Vale, Roger Agnelli. By refusing to invest in steel and align himself (and his company) with the Brazilian government’s plans, Roger Agnelli was ousted last year from his CEO post at the world’s second largest mining company.
Now he gets his compensation… or should we say, his lottery prize. According to Valor, he and four other directors are receiving the highest workers’ compensation package in Brazil’s history: no less than R$ 121 million. Most of it (about 90%) goes to Agnelli, of course. The rest is split between Carla Grasso, Mario Barbosa, Eduardo Ledsham and Guilherme Cavalcanti.
While he was president of Vale, Agnelli made sure to elaborate complex contracts with aggressive compensation packages for him and his directors, plus generous severance clauses tied to unfair dismissal. The now super millionaire Agnelli plans to to build his own company, along the lines of Eike Batista’s EBX group. He has recently announced that he had R$500 million to invest in mining, oil and logistics.
Many reasons to smile…