Vale Board President Daniel Stieler Resigns Immediately

Overview

• Daniel André Stieler submitted an immediate resignation from his roles as member and president of Vale’s Board of Administration, a move announced on Monday and accepted by the company.
• Previ, the Banco do Brasil employees’ pension fund that sought an extraordinary meeting in June to remove Stieler, has nominated Manuel 'Ollie' Oliveira for board chair and José Maurício Coelho for a board seat.
• Vale’s existing board has put forward rival candidates — Ieda Gomes Yell for the council seat and vice‑chair Marcelo Gasparino for the presidency — creating competing slates for the July 22 Extraordinary General Meeting.
• Previ holds a significant stake in Vale (6.82% on Vale’s site and an estimated near 10% when including related holdings), giving the fund meaningful voting power in the upcoming contested vote.
• The dispute has exposed factional tensions inside Previ and raised investor concerns about board independence and governance; the immediate priorities to watch are the board’s choice of an interim president and the shareholder vote’s outcome on July 22.