Anil
Agarwal becomes Executive Chairman of Vedanta
Anil Agarwal, who is worth 700 million pounds
London, Mar 25, 2005
Leading NRI businessman Anil Agarwal has assumed charge
as the Executive Chairman of Mumbai-based Vedanta
Resources following the resignation of French Mining
expert Michael Fowle from the post.
"While the board notes that the appointment
of Anil Agarwal as chairman is not in compliance with
the revised combined code, it believes that the new
structure better reflects the needs for the development
of the group and makes best use of the talents within
our team," the company said.
"The board will have a healthy balance with
a majority of non-executives." Fowle, a former
KPMG partner, has resigned from the board. A second
independent director Jean Pierre Rodier has also left
less than a year after joining the company, a spokesman
said.
Agarwal, who is worth 700 million pounds, controls
55 per cent of Vedanta's shares. He said he would
step back from management and concentrate on expanding
the business.
"I look forward to focusing on the exciting
opportunities available to the group in India,"
he said.
Fowle had departed amicably with one year's remuneration,
250,000 pounds. He is 65, the spokesman said declining
to say why Rodier had left.
The reshuffle gives the company its third chairman
in two years. Brian Gilbertson, a South African, who
merged Billiton with BHP, chaired the company during
its listing on the London Stock Exchange in December,
2003.
The chief operating officer Kuldip Kaura has been
appointed chief executive and a board member, Euan
Macdonald, formerly with HSBC in India, has been made
a director. PTI
