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.