Vedanta Resources appoints former Rio Tinto boss as CEO

6th Mar 2014 07:54

Vedanta Resources said Tom Albanese will take over as Chief Executive Officer (CEO) on April 1st following the departure of M.S. Mehta.Albanese, who was CEO of Rio Tito from May 2007 to January 2013, has been Chairman of Vedanta Resources Holdings since September."My focus as CEO will be on operational excellence, efficient cost management and sustainability to drive long term value for all our stakeholders," he said in a statement on Thursday.Albanese resigned from Rio Tinto after the company said it will take about $14bn of writedowns. Rio bought aluminium producer Alcan Inc. $38bn in 2007, an acquisition that surged when metal prices declined during the financial crisis.Mehta will retire at the end of this month.RD