IndiaCSR News Network
NEW DELHI: The Board of Vedanta Resources plc (“Vedanta”) today said that it has appointed Mr. Tom Albanese as the Chief Executive Officer of Vedanta and join the Vedanta Board with effect from 1 April 2014. He succeeds Mr. M.S. Mehta, who is retiring at the end of March 2014. Vedanta also intends to recommend to the Sesa Sterlite Ltd. board, the appointment of Mr. Albanese as Sesa Sterlite Ltd.’s Chief Executive Officer, after the end of Mr. Mehta’s term on 31 March 2014.
Mr. Anil Agarwal, Chairman of Vedanta, said: “Tom Albanese’s skills and experience in leading world-class mining companies will be of great value in supporting our strategic objective of creating sustainable long-term value for all our stakeholders. Tom will lead all the businesses of our Group companies. The Board remains committed to delivering against our stated key strategic priorities of optimizing our operations, strengthening our balance sheet and further simplifying the Vedanta Group structure. We would like to thank Mr. M.S. Mehta for his leadership and we wish him all the very best ahead.”
Mr. Tom Albanese said “Vedanta is a world class business and I’m honoured to be working with Anil and the Board as we lead Vedanta in the next phase of its development. My focus as CEO will be on operational excellence, efficient cost management and sustainability to drive long term value for all our stakeholders. I also look forward to supporting Anil and the Board in implementing the strategic ambitions of the Vedanta Group.”
Tom was the former chief executive of Rio Tinto from May 2007 to January 2013. Rio Tinto is the second largest global diversified mining company. He was appointed a member of the Rio Tinto Board in March 2006. Tom joined Rio Tinto in 1993 when the company acquired Nerco, where Tom was chief operating officer. After joining Rio Tinto, he held a series of management positions before being appointed chief executive of the Industrial Minerals group in 2000, after which he became chief executive of the Copper group and head of Exploration in 2004. In July 2006 Tom was appointed director, Group Resources.
Tom holds a Bachelor’s degree in Mineral Economics and a Master’s degree in Mining Engineering from the University of Alaska.
Tom is on the board of directors of Franco Nevada Corporation, a Toronto-based gold-focused royalty and metal streaming company with assets around the world, since August 2013. In 2009, Tom joined the Board of Visitors for Duke University Fuqua School of Business in North Carolina.
Tom had earlier served on the boards of Rio Tinto Plc (UK) and Rio Tinto Ltd (Aust).