President Of Brazilian Pension Fund Previ Resigns From His Post

Date : 05/25/2012 @ 1:50PM
Source : Dow Jones News
Stock : Vale S.A. American Depositary Shares Each Representing One Common Share (VALE)
Quote : 10.05  -0.23 (-2.24%) @ 4:01PM

President Of Brazilian Pension Fund Previ Resigns From His Post

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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

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