Metal and mining major Vedanta Ltd today said Kuldip Kaura will be its interim CEO from tomorrow.
Kaura succeeds Tom Albanese, who steps down as CEO and from the board today, while the hunt for a full-time CEO is on.
“The board of Vedanta Ltd (Vedanta) today announced the appointment of Kuldip Kaura as interim Chief Executive Officer (CEO), effective September 1, 2017,” the company said in a statement.
The process to identify Vedanta’s new CEO is ongoing, the company added.
Albanese’s contract, who was appointed Vedanta CEO in 2014, was due to expire on March 31 this year, but was extended by five months. Albanese was previously the head of Anglo-Australian mining giant Rio Tinto Plc.
The statement said Kaura has extensive knowledge and experience of Vedanta’s operations, having played various senior management and leadership roles with the group for over 15 years.
Navin Agarwal, Chairman, Vedanta Ltd, said, “On behalf of the board and my colleagues at Vedanta, I thank Tom for his significant contribution to the business and wish him all the best for his future endeavours. Kuldip has the full support of the board and the management team and I am certain that he will ensure a smooth transition as we identify a permanent CEO.”
Kaura said: “I look forward to working with the Chairman, the board and the excellent management team at Vedanta. I have every confidence that we will maintain the business’ current momentum and continue to deliver on our strategy focused on production growth, cash generation and deleveraging.”
Vedanta Ltd is a diversified natural resources company, with a market cap of $14 billion and $7 billion free float, whose business primarily involves producing oil and gas, zinc, lead, silver, copper, iron ore, aluminium and commercial power.
The company has a presence across India, South Africa, Namibia, Australia and Ireland.
Vedanta Ltd is the Indian subsidiary of Vedanta Resources, the London-listed, sixth-largest natural resources company globally.