Vedanta Resources CEO Tom Albanese sets to leave by August 2017

A company statement from the London listed Vedanta Resources Plc confirms that its CEO) Tom Albanese will leave the $2.7 billion Indian resources giant by the end of August after completing his three years tenure.

"Vedanta Resources...Has agreed to extend the Executive Service Agreement of its chief executive officer, Tom Albanese until 31 August 2017," the company statement says.

Albanese, who was previously the CEO of Rio Tinto Group, joined Vedanta in 2014, a led the metal and mining conglomerate through the industry downturn that literally crippled the commodity sector and helped the company recover its stock position amidst rock bottom commodity prices and plunging demand.

Market Analysts have reiterated the fact that Albanese “played a major role behind the cost cutting and cost optimization initiatives,” and they are of the opinion that “The company is at a turnaround point and the commodities market is going to do better going forward.”

The company chairman Anil Agarwal has already started his search for a new CEO with “appropriate global experience,” for his company. Meanwhile, Vedanta Ltd announced the appointment of K Venkataramanan as an independent non-executive director with effect from April 1.

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"The board of directors in their meeting on March 30, 2017 approved the appointment of K Venkataramanan as an Independent non-executive director with effect from April 1, 2017," the statement says.  Venkataramanan had been the CEO & Managing Director of Larsen & Toubro Ltd from April, 2012 and retired in September, 2015.

Notably, the news of Albanese’s departure from Vedanta has surfaced a day after Chairman Agarwal announced that former Anglo American CEO Cynthia Carroll had left as chair of Indian unit Vedanta Resources Holdings last month.