Vale CEO Ousted as Brazil Seeks New Blood Before Reorganization
- Ferreira contract won’t be renewed when it terminates in May
- He took the job in 2011 as part of shakeup driven by Rousseff
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Brazil is moving to cast off the last shackles of government influence at iron-ore giant Vale SA -- but not before replacing the CEO with someone more politically palatable.
Murilo Ferreira’s six-year contract won’t be renewed when it expires in May, the Rio de Janeiro-based company said in a statement Friday. The announcement came days after Vale unveiled a plan to scrap its controlling shareholder pact amid criticism the miner was run like a quasi state company.