Vedanta appoints former Rio Tinto head Albanese as CEO

Vedanta Resources Plc has appointed Tom Albanese as chief executive, pinning its hopes on the former Rio Tinto Plc head to transform the India-focused miner into a global resources giant.

Albanese, 56, will take the helm on April 1. He will replace Mahendra Singh Mehta, whose departure had already been announced.

London-listed Vedanta said it also intended to recommend Albanese as chief executive of Sesa Sterlite Ltd, which groups most of the company's Indian assets.

Albanese, who held the top job at Rio Tinto for almost six years, left in January 2013 after the company revealed a $14 billion writedown almost entirely on the value of his two most significant buys: Alcan and Mozambican coal company Riversdale.

Rio Tinto bought Alcan for $38 billion in 2007, a bruising, top-of-the-market deal made when the company was under pressure from rivals to bulk up or be bought.

Albanese was one of several top mining chief executives who took the blame for their companies' relentless pursuit of growth during the boom years that ended in 2011, and for acquisitions that soured and turned into billions of dollars of writedowns.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Neither secular nor socialist, India at 66 is back where it began

    The republic has entered its 66th year but the nation is more than just another year older.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Kumar Jain

Building great cities (and nations)

Fifteen to twenty years’ span is the time when humans ...

Kuruvilla Pandikattu SJ

Defining success differently

Researchers spent four decades studying a group of mathematically talented ...

Shona Adhikari

All roads lead to Delhi, as it gears up for art fair

With the seventh edition of India Art Fair (IAF) coming ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture