Vedanta names former Rio Tinto chief Tom Albanese as its new CEO

VedantaMining conglomerate Vedanta Resources Plc has named former Rio Tinto chief Tom Albanese as its new chief executive officer (CEO).

Tom Albanese, the former head of Anglo-Australian mining giant Rio Tinto, will replace Mahendra Singh Mehta, who is stepping down from the top position on March 31, 2014. Mr. Albanese, who is respected in the mining industry as a weathered miner with international experience, will join Vedanta on April 1, 2014.

London-listed Vedanta Resources said in a statement, "Albanese will take over as the chief executive officer of Vedanta and join the Vedanta board with effect from 1 April 2014."

Chairman Anil Agarwal, the once scrap metal dealer, said Albanese would lead all the businesses of Vedanta Resources' group companies, adding that board remained committed to delivering against its key strategic priorities of optimizing its operations and enhancing its balance sheet.

Albanese is expected to help Vedanta Resources in improving its relations with countries like Zambia, where the company owns the biggest copper mine outside India.

Vedanta, which continues to be controlled by Indian billionaire Anil Agarwal, dropped out of the FTSE-100 index in 2013. The company's stock lost more than 25 per cent of its market value in the past twelve months.