Murilo Ferreira, the CEO of iron ore producer Vale, (VALE) - Get Vale S.A. Sponsored ADR Report will be stepping down from the head of the Brazilian company when his term expires in May, Reuters reports. The company has yet to offer details on who will replace Ferreira, or how it will implement a transition.

Shares of Vale are lower by 3.26% to $10.40 in pre-market trading on Friday morning.

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