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Banco do Brasil Confirms Resignation Of VP Ricardo Oliveira

SAO PAULO -(Dow Jones)- Latin America's largest bank in terms of assets, state-run Banco do Brasil SA (BDORY, BBAS3.BR) said Wednesday its board of directors has accepted the resignation of one of the bank's vice presidents, Ricardo Oliveira. Oliveira will be replaced by Cesar Borges, former governor of the northeastern Brazilian state of Bahia. The bank did not indicate the reason for Oliveira's resignation. Oliveira was in charge of inter-governmental relations at the bank. The exit of Oliveira is part of a political battle between executives at Banco do Brasil and the bank's huge pension fund Previ, according to a person with knowledge of the situation. The ongoing battle may also result in the exit of Ricardo Flores, president of Previ. Oliveira was considered a close ally of Flores. 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 Mr. Flores serves as chairman of Vale's board. Mr. Bendine was in line to be named chief executive officer of Vale last year, a post he coveted, according to another person with knowledge of the conflict. However, Flores blocked Bendine's appointment at Vale, forcing the board to choose Murilo Ferreira. Both Banco do Brasil and Previ are supervised by the finance ministry. -By Rogerio Jelmayer, Dow Jones Newswires; 55-11-3544-7071; rogerio.jelmayer@dowjones.com

Stock News for Companhia Vale Do Rio Doce (VALE)
DateTimeHeadline
04/15/201506:02:17Report of Foreign Issuer (6-k)
04/14/201510:08:35Fortescue Overhauls Worker Rosters to Cut Costs -- Update
04/14/201507:58:25S&P warns on global miners including BHP, Rio, Vale
04/13/201518:09:28ADR Shares End Lower; Alcatel-Lucent, Nokia Shares Rise
04/10/201520:45:45Better Late Than Never, Cuba Attends
04/10/201506:02:14Report of Foreign Issuer (6-k)
04/08/201506:02:52Report of Foreign Issuer (6-k)
04/07/201516:30:15Report of Foreign Issuer (6-k)
04/02/201511:31:23Iron Ore's Meltdown Raises Questions About Miners
04/01/201509:40:23Report of Foreign Issuer (6-k)
03/31/201509:11:46Iron Ore Miners Rio, BHP And Vale Race To The Bottom, Steel Prices...
03/27/201518:28:00Vale should sell stake in Carajas iron ore mine, analyst says
03/27/201510:36:08Petrobras Nominates Vale CEO as Its Next Chairman--Update
03/27/201510:10:48Petrobras Nominates Vale CEO as Its Next Chairman
03/27/201510:00:21Petrobras Nominates Vale CEO as Its Next Chairman
03/27/201508:04:18Why Fortescue Metals' Call For Cap On Iron Ore Production Will...
03/24/201517:40:07Brazilian Real Strengthens After S&P Ratings Decision; Shares...
03/24/201507:11:27Vale: Near-Term Prospects Remain Bleak
03/21/201508:06:014 Dangerous Dividend Stocks You Should Avoid
03/20/201517:30:54Annual and Transition Report (foreign Private Issuer) (20-f)

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