Brazil's Temer looking to replace Vale CEO – Valor
RIO DE JANEIRO – Brazil's interim President Michel Temer plans to replace the head of the nation's largest miner, Vale, because he is too closely allied with suspended President Dilma Rousseff, newspaper Valor reported on Thursday.
Valor said a decision has yet to be taken, and cited one source as saying that controlling shareholders had not yet discussed the issue.
A government move to replace current CEO Murilo Ferreira would be controversial as Vale, the world's largest producer of iron-ore, is a private company that is supposedly free from State interference.
However, Ferreira's predecessor, Roger Agnelli, was pushed out during Rousseff's first term after the government exerted pressure through State pension funds that have seats on Vale's board.
Vale declined to comment on the report in Valor. Temer's office did not immediately respond to a request for comment on the article.
Valor said Temer is being pressured to replace Ferreira by members of his party in the mining state of Minas Gerais, where Vale has large operations.
Vale has struggled in the face of slumping commodity prices and recorded its worst-ever loss last year.
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