|Albanese: New role
New Delhi, Sept. 16 (PTI): London-listed mining giant Vedanta Resources has appointed Tom Albanese, former chief executive of Rio Tinto, as chairman of its subsidiary Vedanta Resources Holdings Ltd.
“Tom Albanese is joining the group as the chairman of its subsidiary, Vedanta Resources Holdings Ltd. In this role, Tom will be actively involved in continuing to develop the company’s strategy, policies and growth objectives,” Vedanta said in a statement.
This marks the return of Albanese into the mining industry eight months after he had stepped down as the chief executive of the British-Australian Rio Tinto over a $14-billion write down by the mining giant in January owing to some bad deals.
The write down pertained primarily to two buyout deals — Riversdale and Alcan — under his six-year leadership.
He will not be part of Vedanta’s main firm (the listed entity) but will head Vedanta Resources Holdings, which is in between the main company and its operating subsidiaries, Sesa Sterlite and Konkola Copper Mines.
“I am excited to welcome Tom to our team and I look forward to him bringing his considerable experience and energy to Vedanta to support our twin aims of delivering sustainable growth and creating long-term value for our shareholders,” Vedanta chairman Anil Agarwal said.
Commenting on his new role, Albanese said he was “equally excited to be working with Vedanta” and has recently visited many of the company’s operations.
“I am impressed with Vedanta’s world class businesses and its board’s vision,” he added.