24th Mar 2005 07:00
Vedanta Resources PLC24 March 2005 24 March 2005 Vedanta Resources plc Changes to Board & Management Vedanta Resources plc, the London listed metals and mining company, announcesthe following changes, with immediate effect. Kuldip Kaura, the Chief OperatingOfficer, is to become Chief Executive Officer and join the Board. Anil Agarwal,Chief Executive, is to become Executive Chairman. Michael Fowle, the currentChairman, and Jean Pierre Rodier will retire from the Board. The Board hasappointed Euan Macdonald as a new non executive director, he has broadexperience in the London market and an excellent knowledge of India. The Boardintends to appoint a further London based Senior Independent Non ExecutiveDirector. The Board believes that India is changing rapidly and presents the Group withsignificant opportunities. The appointment of Anil Agarwal as Chairman allowshim to step back from operational management and focus on turning theseopportunities into value creating projects, thereby extending our exceptionalgrowth pipeline further into the future. Kuldip Kaura has done an excellent jobas 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 incompliance with the revised Combined Code, it believes that the new structurebetter reflects the needs for the development of the Group and makes best use ofthe talents within our team. The Board will have a healthy balance with amajority of Non Executive Directors on the Board. The Board would like to thank Michael Fowle and Jean Pierre Rodier for theirsubstantial contribution to the Group. Michael Fowle said, "I am glad that I have been able to contribute to Vedantaduring such an exciting period. I wish the Group continued success in thefuture." Anil Agarwal said, "We have achieved significant milestones that we set out atthe IPO including the rationalisation of the Group structure, the ongoing zincand aluminium expansions and the acquisition of Konkola Copper Mines. I lookforward to focusing on the exciting opportunities available to the Group inIndia." Kuldip Kaura said, "I am delighted to be offered this opportunity at a time whenVedanta offers so much growth and potential. Vedanta remains the only UK miningcompany offering direct exposure to India and I look forward to deepening myrelationship with the investment community." For further information, please contact: John Smelt, Head of Investor RelationsVedanta Resources plc Tel: +44 20 7499 5900 +44 787 964 2675 James MurgatroydRobin WalkerFinsbury Tel: +44 20 7251 3801 Notes to Editors: Vedanta is a London listed diversified metals and mining group. Our principaloperations are located throughout India, with further operations in Zambia andAustralia. 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 thefinancial year to March 2004 compared to US$110 in the year 2002. The Group hasan 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 cablemanufacturer and subsequently established India's first copper smelting plant atTuticorin. Kuldip Kaura (58) Joined the group in 2002 as Managing Director of HindustanZinc. Formerly Managing Director of ABB India, part of the internationalengineering group. 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 & PeterboroughBuilding Society. Jean Pierre Rodier (58) Formerly Chairman and Chief Executive of Pechiney S.Afrom July 1994 to December 2003. Chairman of the Executive Board of MetaleuropFrance from 1988 to 1991 and, prior to joining Pechiney, was head of GroupeSuez's non-ferrous metal operations (Union Miniere). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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