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President Of Brazilian Pension Fund Previ Resigns From His Post

SAO PAULO -(Dow Jones)- The president of Brazil's Previ, Latin America's largest pension fund, announced his resignation Friday, the fund said in a statement on its website. Ricardo Flores said he will leave his post June 1, after two years in the post. His exit is part of an ongoing political battle between executives at state-run Banco do Brasil SA (BDORY, BBAS3.BR) and Previ--the bank's pension fund. The resignation comes after Brazilian President Dilma Rousseff considered removing Flores to end a dispute between Flores and top executives at Banco do Brasil SA, according to a person close to the institutions. Rousseff may appoint Banco do Brasil vice president Dan Conrado to replace Flores, said the person who declined to be named for this article. 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 coveted, according to the person with knowledge of the conflict. But Flores blocked Bendine's appointment at Vale, forcing the board to choose Murilo Ferreira. -By Rogerio Jelmayer, Dow Jones Newswires; 55-11-3544-7071; rogerio.jelmayer@dowjones.com

Stock News for Companhia Vale Do Rio Doce (VALE)
DateTimeHeadline
07/06/201517:47:37ADRs End Lower; Financial Firms Decline
07/06/201510:05:24Report of Foreign Issuer (6-k)
07/03/201505:49:27China Ends Ban on 400,000-Ton Iron-Ore Freighters
06/26/201506:02:49Report of Foreign Issuer (6-k)
06/25/201517:21:51Report of Foreign Issuer (6-k)
06/20/201516:08:03Is China Going to Use the Mining Downturn to Take Over the Industry?
06/15/201517:19:58Brazilian Shares Dragged Lower by Uncertainty on Greek Debt;...
06/10/201518:13:19ADRs End Higher; 21Vianet Rises, Renren Declines
06/10/201517:24:37Brazilian Shares Rise as Vale Advances; Real Weakens Against...
06/10/201512:30:35Brazil's Vale Plans to Slash Capital Spending Next Three Years
06/10/201512:19:26Brazil's Vale Plans to Slash Capital Spending Next Three Years
06/03/201521:40:12U.S. Steelmakers Seek Punitive Tariffs on Imports
06/03/201506:03:01Report of Foreign Issuer (6-k)
06/01/201515:05:02Is This Metals Giant Loading a $2 Billion Growth Cannon?
06/01/201508:53:36Report of Foreign Issuer (6-k)
05/29/201512:09:02How Much Are You Paying for Growth at Vale SA (ADR)?
05/29/201509:30:25Brazil Economy Contracts Less Than Expected
05/23/201516:00:025 Things Vale SA ADR's Management Wants You to Know
05/22/201515:02:02These Mining Giants Are Throwing in the Towel; Are Iron Ore Prices...
05/20/201522:10:21China Cosco, China Shipping Development Sign Long-Term Shipping...

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