Tom Albanese to join Vedanta Resources as chief executive
Jim Armitage is the City editor of The Independent and London Evening Standard group of newspapers. He has been a reporter and editor for more than 20 years and was recently shortlisted for the Press Gazette financial journalist of the year and The Society of Editors financial journalist of the year awards. He contributes news, investigative reports and comment to the Independent titles plus a daily column in the Evening Standard.
Thursday 06 March 2014
Tom Albanese, the mining boss ousted from Rio Tinto in the wake of multi-billion-pound writedowns for ill-judged takeovers, has landed the top job at the controversy-ridden Vedanta Resources.
Albanese left Rio in January last year after the company booked a $3 billion (£1.8 billion) hit on the value of coal assets in Mozambique that he had bought just two years earlier.
He resigned amid a total of $14 billion in writedowns.
However, he was one of several chief executives caught out by the industry’s downturn.
At Vedanta, he will work under the watchful eye of the hands-on founder Anil Agarwal and have the task of turning around a business that has been at the heart of environmental disputes and corruption investigations in India.
The Church of England famously sold its stake in the company in 2010 amid concerns about the way it was treating tribes in Odisha, India.
Albanese takes over as chief executive from MS Mehta, who is retiring next month.
- 1 I was raped by another man. And now the Government wants to take away the one thing that saved my life
- 2 Wikipedia edits from inside Parliament removing scandals from MPs' pages, investigation finds
- 3 Preston fan who appeared to snatch Jermaine Beckford's shirt from eight-year-old boy identified and says: 'the truth will come out'
- 4 Johnny Depp facing 10 years in jail for illegally bringing dogs to Australia
- 5 Iran launches anti-Isis cartoon competition 'to expose true nature of Islamic State'
Wikipedia edits from inside Parliament removing scandals from MPs' pages, investigation finds
Australian man punched in the face for defending Muslim women from abuse on train
Priest warns pupils the 'Charlie Charlie Challenge' is 'demonic activity'
Johnny Depp facing 10 years in jail for illegally bringing dogs to Australia
Iran launches anti-Isis cartoon competition 'to expose true nature of Islamic State'
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
EU referendum: David Cameron's rules are a 'democratic disgrace', says French-born Scottish politician set to be denied a vote
The day that Britain resigned as a global power
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
A nation of inequality: How the UK is failing to feed its most vulnerable people
EU referendum: David Cameron to deny EU migrants and under-18s the chance to vote
iJobs Money & Business
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is a mul...
£55 - 65k (DOE): Guru Careers: A unique opportunity for a permanent C# Develop...
£16 - 20k: Guru Careers: A Graduate Editor / Editorial Assistant is needed to ...
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...