Indian miner Vedanta Resources announced yesterday, September 16, that Tom Albanese, the former CEO of British-Australian metals and mining corporation Rio Tinto, is joining the company as the chairman of Vedanta Resources Holdings Ltd.
Back in January this year, Mr. Albanese had left Rio Tinto against the backdrop of a $14 billion writedown relating almost entirely to his most significant acquisitions, namely, aluminium company Alcan and Mozambican coal company Riversdale.
Albanese, who had worked at Rio Tinto since 1993 and held a board position, was replaced by Sam Walsh at the London-based company.
Industry experts said that Vedanta Resources needed a global figure to steer the company, which has become the second most profitable company in India after Reliance Industries.