PK Mukherjee, Executive Director, Iron Ore, Sesa Sterlite, has demitted office in a major reshuffle effected by the Vedanta Group.
A mining industry veteran, Mukherjee, 58, has seen both the best and worst times of Sesa Goa during his tenure spanning 27 years.
In 2010-11, Sesa Goa reported a turnover of ₹10,152 crore and profit of ₹4,222 crore. The ban on iron ore mining in Karnataka and Goa has hit the company hard with the turnover falling to ₹2,554 crore and profit plunging to ₹2,280 crore last fiscal.
Mukherjee, who wanted to step down a year back, was convinced to stay on for a while but decided to call it a day now for health reasons, said a company spokesperson.
Last August, the Vedanta Group merged Sesa Goa with Sterlite Industries and re-designated Mukherjee, then Managing Director of Sesa Goa, as Executive Director of the iron ore business.
Former Rio Tinto chief Tom Albanese will replace MS Mehta, who retires as Chief Executive Officer and Board member of Sesa Sterlite.
Anil Agarwal, Non-Executive Chairman, will now be the Chairman Emeritus while Navin Agarwal, current Executive Vice-Chairman, has taken over as the Chairman of the Board of Sesa Sterlite.
Lalita Gupte, Chairperson of ICICI Venture Funds, and Naresh Chandra, former Cabinet Secretary, will join the board as independent Non-Executive directors, while Kuldip Kaura steps down. Tarun Jain and DD Jalan will join the Board as Whole-time Directors.
The eight-member board will have four independent directors. All the board changes will be effective from April 1.