Brazil’s Vale said on Friday that its chief executive Murilo Ferreira will not renew his contract when it expires on May 26.

Mr Ferreira had taken the helm at the world’s largest iron ore producer in 2011 and helped steer the company through the commodities bust.

Vale said in a statement:

Murilo steered Vale through a very turbulent period in the world mining industry and managed Vale through some of the most difficult times in its history. It was also under Murilo´s leadership that Vale became a much leaner and responsive company with significant improvements in its competitive position while preserving the company´s balance sheet.

…With his experience, dedication and respect to life and people, Murilo leaves a legacy for Vale´s future generations of executives and employees.

The news comes after its leading shareholders agreed earlier this week to eliminate a controlling shareholder pact to improve transparency at the company and enable increased trading in its stock.

News of the CEO’s impending exit also comes a day after the company said it returned to profit in 2016 amid a turnaround in commodity prices.

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