Vale chairman Daniel Andre Stieler resigned from his position and the board effective immediately. Brazilian pension fund Previ recently demanded a shareholder meeting to vote on his removal. Previ holds a 7% stake in the mining giant.
Vale canceled the removal vote originally scheduled for the July 22 shareholder meeting. The company will proceed with the election of a new chairman on that date. Previ publicly supports current board member Manuel Oliveira as Stieler’s successor.
Stieler served as chairman since 2023. He originally joined the board of directors in 2021.