Vale CEO Is Ready to Quit Amid Prosecutors' Deadline, Folha Says

(Bloomberg) -- Vale SA Chief Executive Officer Fabio Schvartsman will offer to resign in the aftermath of a dam collapse that killed at least 180 people and led Brazilian prosecutors to recommend his removal, Folha de Sao Paulo said.

The mining company’s press office said it had no information that Schvartsman planned to step down. Vale’s administrative board will discuss pending recommendations by police and prosecutors within a deadline set by the authorities, the office said by email.

In response to the disaster in January, federal prosecutors recommended the immediate exit of Schvartsman and four other directors. Vale was given 10 business days to confirm the removal of the five or risk their arrest, the Valor newspaper reported Saturday.

Vale CEO Is Ready to Quit Amid Prosecutors' Deadline, Folha Says

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