Agnelli Ousted

May 1, 2011

Keywords: Luiz de Mendonça Braskem America Vicente Bengoa Antonio Vivanco

Vale’s controlling shareholders named Murilo Ferreira to replace Roger Agnelli as CEO when Agnelli’s term expires in May. Valepar, the controlling shareholder of the Brazilian miner, had indicated it would seek a new CEO following months of speculation as the government – holder of direct and indirect stakes – repeatedly criticized Agnelli.

Braskem named Luiz de Mendonça CEO of Braskem America. He replaces Carlos Fadigas, who was CEO of the Brazilian petrochemical producer’s US unit until he was named CEO of Braskem in December. Mendonça had been CEO of petrochemical company Quattor since its 2010 acquisition by Braskem, and prior to that had been vice president of Braskem’s polymers unit and basic petrochemicals unit. In addition to his role as Braskem America CEO, Mendonça will oversee Braskem’s international expansion projects, including those already in place in Mexico, Venezuela and Peru, as...

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