Vedanta Resources PLC
24 March 2005
24 March 2005
Vedanta Resources plc
Changes to Board & Management
Vedanta Resources plc, the London listed metals and mining company, announces
the following changes, with immediate effect. Kuldip Kaura, the Chief Operating
Officer, is to become Chief Executive Officer and join the Board. Anil Agarwal,
Chief Executive, is to become Executive Chairman. Michael Fowle, the current
Chairman, and Jean Pierre Rodier will retire from the Board. The Board has
appointed Euan Macdonald as a new non executive director, he has broad
experience in the London market and an excellent knowledge of India. The Board
intends to appoint a further London based Senior Independent Non Executive
The Board believes that India is changing rapidly and presents the Group with
significant opportunities. The appointment of Anil Agarwal as Chairman allows
him to step back from operational management and focus on turning these
opportunities into value creating projects, thereby extending our exceptional
growth pipeline further into the future. Kuldip Kaura has done an excellent job
as Chief Operating Officer and will now move up to become Chief Executive.
While the Board notes that the appointment of Anil Agarwal to 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 Board will have a healthy balance with a
majority of Non Executive Directors on the Board.
The Board would like to thank Michael Fowle and Jean Pierre Rodier for their
substantial contribution to the Group.
Michael Fowle said, 'I am glad that I have been able to contribute to Vedanta
during such an exciting period. I wish the Group continued success in the
Anil Agarwal said, 'We have achieved significant milestones that we set out at
the IPO including the rationalisation of the Group structure, the ongoing zinc
and aluminium expansions and the acquisition of Konkola Copper Mines. I look
forward to focusing on the exciting opportunities available to the Group in
Kuldip Kaura said, 'I am delighted to be offered this opportunity at a time when
Vedanta offers so much growth and potential. Vedanta remains the only UK mining
company offering direct exposure to India and I look forward to deepening my
relationship with the investment community.'
For further information, please contact:
John Smelt, Head of Investor Relations
Vedanta Resources plc Tel: +44 20 7499 5900
+44 787 964 2675
Finsbury Tel: +44 20 7251 3801
Notes to Editors:
Vedanta is a London listed diversified metals and mining group. Our principal
operations are located throughout India, with further operations in Zambia and
Australia. The major metals produced are aluminium, copper, zinc and lead.
The Group listed in London in December 2003. EBITDA has risen to US$323m in the
financial year to March 2004 compared to US$110 in the year 2002. The Group has
an expansion pipeline of over US$2bn, with projects covering each of the metals.
The full year production numbers will be released on April 12th.
Anil Agarwal (53) Founded the company in 1976. The company started as a cable
manufacturer and subsequently established India's first copper smelting plant at
Kuldip Kaura (58) Joined the group in 2002 as Managing Director of Hindustan
Zinc. Formerly Managing Director of ABB India, part of the international
Euan Macdonald (62) Formerly Executive Vice Chairman HSBC Investment Bank -
India and a Vice Chairman of S.G Warburg & Co.
Michael Fowle CBE (65) Formerly senior partner of KPMG London and South.
Currently non executive director of ICICI Bank UK and of Norwich & Peterborough
Jean Pierre Rodier (58) Formerly Chairman and Chief Executive of Pechiney S.A
from July 1994 to December 2003. Chairman of the Executive Board of Metaleurop
France from 1988 to 1991 and, prior to joining Pechiney, was head of Groupe
Suez's non-ferrous metal operations (Union Miniere).
This information is provided by RNS
The company news service from the London Stock Exchange