UPDATE: Banco Do Brasil Confirms Conrado As New Head Of Pension Fund Previ
May 25 2012 - 5:11PM
Dow Jones News
Brazil's Banco do Brasil SA (BDORY, BBAS3.BR) has appointed Dan
Conrado to take over as president of Previ, Latin America's largest
pension fund, replacing Ricardo Flores, who has resigned, a
spokesman for the state-run bank said Friday.
Conrado is currently the vice president of retail service,
distribution and operational services at Banco do Brasil. Previ is
the pension fund for employees of Banco do Brasil, with some 152
billion Brazilian reais ($76.4 billion) in assets.
The 47-year-old Conrado has worked at Banco do Brasil for 32
years, holding a number of positions including director of
marketing, communications and distribution in Sao Paulo, and
managing the 2008 merger of Banco do Brasil and Nossa Caixa.
Conrado was also chairman of Banco do Brasil's asset-management
firm, BB DTVM.
Flores, 48, resigned Friday amid a political tussle between
executives at the state-run bank. Flores plans to step down June 1,
after two years in charge, and 33 years in total working for the
bank and the fund.
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 wanted, according to a person with knowledge
of the conflict. But Flores blocked Bendine's appointment at Vale,
forcing the board to choose Murilo Ferreira.
Flores also will leave his post as chairman of the board of
Vale, a Vale board member said Friday. However, this should have no
impact on the day-to-day running of the company, the board member
said.
Previ, based in Rio de Janeiro, is the 24th-largest pension fund
in the world. It ended 2011 with a total of BRL152 billion ($76.4
billion) in invested assets and a 193,696 participants.
-By Luciana Magalhaes and Rogerio Jelmayer, Dow Jones Newswires;
+5511 3544-7072; luciana.magalhaes@dowjones.com
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