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Tuesday, April 5, 2011

Brazil miner Vale taps Murilo Ferreira as new CEO


Tue Apr 5, 2011 2:34am GM

* Ferreira replaces Roger Agnelli as of May 22
* Follows heavy government pressure to replace Agnelli

RIO DE JANEIRO, April 4 (Reuters) - Brazilian mining giant Vale chose a former executive of the company, Murilo Ferreira, as its new chief executive, replacing Roger Agnelli following months of heavy government pressure.

The nomination will take effect on May 22, Vale , the world's largest iron ore miner, said in a statement.

Ferreira, 58, joined the company in 1998 in its aluminum division and later became president of Vale's nickel operations in Canada. Ferreira left the company in 2008.

The government's heavy hand in replacing Agnelli may spark fears of state meddling in Brazilian private enterprise, but is not expected to dent investor confidence in the firm. (Reporting by Denise Luna, Bruno Marfinitti, Jose de Castro, Guillermo Parra-Bernal; Additional reporting by Brian Ellsworth; Editing by Raymond Colitt)

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