Vedanta Resources has initiated search for replacing Tom Albanese, Chief Executive Officer, who has served the organisation for three years.
Fifty-nine-year-old Albanese’s term with the company ends in March, but he will now step down in August, since the company on Thursday extended his appointment through a board resolution and sought shareholders approval for the same.
The London Stock Exchange-listed Vedanta Resources plc in a statement on Thursday said it has agreed to extend the executive service agreement for Chief Executive Tom Albanese until the end of August, keeping him on whilst it searches for a replacement.
“Albanese's current contract was due to expire on Friday (March 31), but now will run through August, whilst Executive Chairman Anil Agarwal leads the process of finding his successor,” it added.
A metal and mining expert, Albanese joined Vedanta from Rio Tinto Group, the world’s second largest mining company. The exit of Albanese comes when billionaire Anil Agarwal-owned Vedanta is at its inflection point with the proposed merger of Cairn India with itself and metal prices started looking up.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.