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Brazil's Banco do Brasil SA (BDORY, BBAS3.BR) has appointed Dan Conrado to take over as president of Previ, Latin America's largest pension fund, replacing Ricardo Flores, who has resigned, a spokesman for the state-run bank said Friday.
Conrado is currently the vice president of retail service, distribution and operational services at Banco do Brasil. Previ is the pension fund for employees of Banco do Brasil, with some 152 billion Brazilian reais ($76.4 billion) in assets.
The 47-year-old Conrado has worked at Banco do Brasil for 32 years, holding a number of positions including director of marketing, communications and distribution in Sao Paulo, and managing the 2008 merger of Banco do Brasil and Nossa Caixa. Conrado was also chairman of Banco do Brasil's asset-management firm, BB DTVM.
Flores, 48, resigned Friday amid a political tussle between executives at the state-run bank. Flores plans to step down June 1, after two years in charge, and 33 years in total working for the bank and the fund.
Flores and his supporters have been engaged in a battle with Aldemir Bendine, president of Banco do Brasil, over management changes at Brazilian mining company Vale SA (VALE, VALE5.BR). Previ is a major shareholder in the mining company, and Flores serves as chairman of Vale's board.
Bendine was in line to be named chief executive officer of Vale last year, a post he wanted, according to a person with knowledge of the conflict. But Flores blocked Bendine's appointment at Vale, forcing the board to choose Murilo Ferreira.
Flores also will leave his post as chairman of the board of Vale, a Vale board member said Friday. However, this should have no impact on the day-to-day running of the company, the board member said.
Previ, based in Rio de Janeiro, is the 24th-largest pension fund in the world. It ended 2011 with a total of BRL152 billion ($76.4 billion) in invested assets and a 193,696 participants.
-By Luciana Magalhaes and Rogerio Jelmayer, Dow Jones Newswires; +5511 3544-7072; firstname.lastname@example.org