February 24, 2017 / 1:01 PM / 3 years ago

Vale CEO Ferreira to step down after term expires in May

SAO PAULO, Feb 24 (Reuters) - Murilo Ferreira will step down as chief executive officer of Vale SA when his term expires on May 26, the world’s No. 1 iron ore producer said on Friday.

In a statement, Vale thanked Ferreira for his achievements at Vale, listing his efforts to focus on core activities, undertaking the company’s biggest investment project ever and reducing debt. The company did not elaborate on a potential replacement or how it plans to implement a transition. (Reporting by Guillermo Parra-Bernal)

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