Vedanta Resources PLC
06 July 2004
6 July 2004
Vedanta Resources plc ('Vedanta'), the London listed diversified metals and
mining group, announces today that Brian Gilbertson will stand down as Chairman
of Vedanta with immediate effect. Michael Fowle CBE, who is currently senior
non-executive director of Vedanta, will take over as non-executive Chairman.
As a result of these changes, the appointment of further independent
non-executive directors will be made by the Board in due course.
Brian Gilbertson's position as Chairman was for a fixed term expiring at the
Annual General Meeting on 29th July 2004. Brian Gilbertson has now been
approached about a position in another company (not a direct competitor of
Vedanta, but an aluminium producer) that would involve certain executive
responsibilities. He is considering acceptance of that offer. To obviate any
possible conflict of interest, or the semblance thereof, it has been mutually
agreed that he will step down from the Chairmanship and the Board of Vedanta.
Anil Agarwal, Chief Executive of Vedanta, commented:
'We are extremely grateful to Brian for his counsel to Vedanta while he served
as Chairman and wish him well in his future endeavours. Michael Fowle's
considerable experience of business and finance, together with his knowledge of
India, will be great assets to Vedanta as we continue to grow our business.'
For further information, please contact:
John Smelt, Head of Investor Relations
Peter Sydney-Smith, Finance Director
Vedanta Resources plc Tel: +44 20 7629 6070
+44 787 964 2675
Finsbury Tel: +44 20 7251 3801
Notes to Editors:
Vedanta is a diversified metals and mining group with zinc, copper and aluminium
operations in India and two copper mines in Australia.
Vedanta holds its interests in these operations through two subsidiaries,
Sterlite and the Madras Aluminium Company ('Malco'). Sterlite is Vedanta's
principal subsidiary company and is currently listed on the Bombay Stock
Exchange. Vedanta's copper operations are owned and operated by Sterlite and it
also holds majority stakes in the group's zinc business, Hindustan Zinc Ltd
('HZL'), and the Bharat Aluminium Company ('Balco'), the group's principal
Michael Fowle, 64, currently the senior non-executive director, is a chartered
accountant who spent his career at KPMG. He held numerous leading positions at
KPMG, including Chairman of KPMG India, Head of UK Audit and Chairman of Global
Banking & Finance and senior partner of KPMG London & South. He has also acted
as auditor and advisor to a broad range of corporate clients. Currently, Mr
Fowle is a Non-Executive Director and Audit Committee Chair of ICICI Bank (UK)
and Senior Non-Executive Director and Audit Committee Chair of Norwich &
Peterborough Building Society. In 2000, Mr Fowle was appointed CBE for services
to Business in the Community.
This information is provided by RNS
The company news service from the London Stock Exchange