Brazilian media reports Vale CEO ousted

Brazilian mining company Vale has pushed out Chief Executive Roger Agnelli under heavy government pressure and is in discussions to replace him with an executive from within, local media reported on Sunday.

President Dilma Rousseff has used the government’s influence as a key Vale (VALE5.SA: Quote) shareholder to insist the company remove Agnelli following years of accusations it was not doing enough to bolster Brazil’s economic development.