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Report: Vale's Ferreira to step down in May 2017

Citing media reports, SteelOrbis wrote Oct. 10 that Vale SA's CEO, Murilo Ferreira, will leave the Brazilian iron ore producer in May 2017 amid a change in Brazil's political scenario.

The decision to replace Ferreira is reportedly already made, with shareholder Banco Bradesco SA told of the move. José Carlos Martins, a former director at the company, is one of the executives eyed to take over Vale.

Ferreira was said to be an ally of Dilma Rousseff, who was impeached in August. She was succeeded by Michel Temer, who wants Ferreira out for political reasons.

Despite being privatized since 1997, state-owned shareholders still hold a majority in Vale's controlling shareholder group Valepar, which owns 56% of the company's voting shares.