A member of ArcelorMittal’s Group Management Board Sudhir Maheshwari is leaving the company effective March 31, 2015, ending a 26-year old association with the world’s largest steel maker.
Commenting on the development, ArcelorMittal Chairman and CEO Lakshmi Mittal said: “I am very sad that he is leaving us, but respect his decision to pursue personal ambitions and wish him every success for the future.”
“Sudhir has been an exceptional colleague for twenty six years, playing a very important role in the company in various responsibilities,” he added.
Maheshwari, a close aide of Mittal, first joined the company in 1989 in Trinidad & Tobago. After holding various positions, he moved to London in 2000 to join company’s M&A and corporate finance functions.
Following the merger with ISG Group to create Mittal Steel, Maheshwari was appointed EVP Finance and M&A. After the merger to create ArcelorMittal, he became a member of the management committee, before being appointed to the Group Management Board in 2008, a company statement said.
“He has worked very closely with me on numerous mergers, acquisitions and financings including the initial IPO in 1997 and the merger with Arcelor to create ArcelorMittal in 2006.
He is a highly respected and valued colleague and will be much missed,” said Aditya Mittal, CFO &CEO, ArcelorMittal Europe.
Maheshwari said he could not have imagined the subsequent journey that the company would take when he first joined the company in 1989.
“It has not been an easy decision to leave, but I will continue to follow the company with great interest and am sure it will continue to go from strength to strength,” he said.
Maheshwari’s responsibilities which include corporate finance, mergers, acquisitions, divestments and risk management, would be shared between senior executives, who will report to other Group Management Board members.
Meanwhile, Michael Rippey, Executive Vice President of ArcelorMittal, Chief Executive Officer ArcelorMittal Flat USA and member of the Group Management Committee will be leaving on November 1, 2014.
Mike will be proposed to be appointed Chairman of ArcelorMittal USA by the AM USA board of directors, the company said.