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Vale CEO, Other Top Execs Temporarily Step Down Amid Brazil Dam-disaster

Vale SA Chief Executive Fabio Schvartsman and other top executives of the Brazilian mining giant stepped down following the collapse of a dam which killed 186 people in the town of Brumadinho.

Fabio Schvartsman and several other executives asked to be removed after prosecutors called for their dismissal.

At least 122 people are still missing more than a month after the accident at the dam, which collected waste from an iron ore mine in Minas Gerais state.

The company described the executives' removal as temporary, but did not say how long it would last.

Vale said that its board received from the executives Fábio Schvartsman (CEO), Gerd Peter Poppinga (Executive Director of Ferrous and Coal), Lucio Flavio Gallon Cavalli (Head of Planning and Development of Ferrous and Coal) and Silmar Magalhães Silva (Head of Operations of the Southeast Corridor), requests for temporary removal from office, which were immediately accepted.

Vale said its board then initiated the interim succession plan previously discussed: to appoint Eduardo de Salles Bartolomeo (currently Executive Director of Base Metals) as the interim CEO of Vale as of this date. Claudio de Oliveira Alves (current Head of Pellet and Manganese) will hold the interim position of Executive Director of Ferrous and Coal and Mark Travers (Head of Legal, Institutional Relations and Sustainability of Base Metals), will hold the interim position of Executive Director of Base Metals.

Vale also informs that its Board of Directors remains in readiness to seek a transparent and productive relationship with the Brazilian authorities in order to clarify the facts, to properly remediate the damages and to maintain the company's integrity, and that will keep society and markets informed about any new fact.

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