Vedanta Resources has named Tom Albanese, former chief of mining giant Rio Tinto, as its new CEO with effect from April 1, 2014. He will take over the baton from MS Mehta, who retired later this month.
Albanese joined Vedanta Group as chairman of one of its units—Vedanta Resources Holdings Ltd—last September. With the elevation in his position he will now join the LSE-listed Vedanta Resources’ board.
Albanese said, “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 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. The board remains committed to delivering against our stated key strategic priorities of optimising our operations, strengthening our balance sheet and further simplifying the Vedanta Group structure,” said Anil Agarwal, chairman of Vedanta.
Albanese, who spent close to three decades with Rio Tinto as a group, resigned in January last year taking responsibility for a $14 billion write-down following bad deals. These related to Rio Tinto Coal Mozambique as well as reductions in the carrying values of Rio Tinto’s aluminium assets (mostly Rio Tinto Alcan but also Pacific Aluminium).
At Rio Tinto he took up a series of management positions including that of chief executive of the industrial minerals group in 2000, chief executive of the copper group and head of exploration in 2004. In July 2006 he was appointed director, Group Resources and took over as the overall CEO in 2007.
Albanese holds a bachelor’s degree in Mineral Economics and a master’s degree in Mining Engineering from the University of Alaska.
(Edited by Joby Puthuparampil Johnson)