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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
12/19/201416:17:52Brazilian Shares Rise, Led by Rossi Residencial; Real Weakens...
12/17/201419:10:10U.S. Court Rejects Vale Bid to Dismiss Rio Tinto Lawsuit
12/15/201417:54:12ADR Shares End Lower; BT Group Shares Trade Actively
12/12/201418:27:28BSG Resources Seeks Judicial Review of UK's Role in Guinea Mine...
12/09/201418:13:08ADR Shares End Lower; America Movil Shares Trade Actively
12/05/201416:47:41Vale May Consider Settling Suit Over Guinea Mining Rights
12/05/201412:11:47Brazil's Vale Says It Won't Issue New Debt to Pay Dividend
12/02/201417:42:21Brazil's Vale Weighs IPO of Base Metals Division Stake -- 3rd...
12/02/201415:46:58Brazil's Vale Weighs IPO of Base Metals Division Stake -- 2nd...
12/02/201415:36:38Brazil's Vale Weighs IPO of Base Metals Division Stake -- Update
12/01/201418:38:15ADR Shares End Lower; Brazilian Shares Fall
11/11/201416:28:17Brazil Stocks Sink as Citi Cuts Outlook on Vale
11/10/201416:04:08Brazil Stocks Close Lower, Real Recovers Some Losses From Past...
10/23/201408:50:04Vale Produces Record Amount of Iron Ore Despite Falling Prices
10/16/201420:34:30Big Brazil Cabinet Becomes an Election Issue
09/26/201407:51:14Brazil Vale Signs Iron Ore Transport Accord With China Merchants...
09/22/201418:39:55ADR Shares End Lower; Mechel Shares Trade Actively
09/15/201409:21:18Correction to China Mining Story on Sept. 11
09/12/201412:44:14Vale, Cosco Group To Cooperate On Iron-Ore Shipping
09/10/201423:00:11China's Global Mining Play Is Failing to Pan Out

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