In a major overhaul of its Board, Vedanta group firm Sesa Sterlite Ltd today said its Non-executive Chairman Anil Agarwal will now become Chairman Emeritus and lay the role of Chief MentoHis brother and company's Executive Vice Chairman Navin Agarwal will takeover as Chairman, while former head of Rio Tinto Tom Albanese will be the CEO, Sesa Sterlite said in a statement. The changes are effective from April 1.
Albanese, 56, has already been appointed the CEO of Vedanta Resources Plc - the group's parent firm - from April 1. He succeeds M S Mehta, who retires today, at both the companies.
For many years, a single person - including Mehta – has been the CEO of Vedanta group's two most prominent companies, Vedanta Resources and Sesa Sterlite (previously Sterlite Industries).
"Navin Agarwal, currently Executive Vice Chairman, is appointed the Chairman of the Board. Anil Agarwal, Non- Executive Chairman, will now be the Chairman Emeritus of Sesa Sterlite, and will continue to provide his vision to the Group, and play the role of chief mentor," the company said.
The announcement has already triggered a buzz in industry circles whether Anil Agarwal is considering to become Non- Executive Chairman of Vedanta Resources as well.
In November 2012, he had said that he wanted to handover the reins of his USD 15-billion Vedanta group to a professional CEO over the next 3-4 years and would like to take the mentoring role as Non-Executive Chairman thereafter.
Sesa Sterlite has also appointed two Independent Directors, Lalita Gupte and Naresh Chandra, and two full time Directors, Tarun Jain and D D Jalan, on its Board.
P K Mukherjee, the Executive Director (Iron Ore Business) and Kuldip Kaura, an Independent Director, have stepped down from the company Board, it said...
Source: Hindi News
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