ArcelorMittal re-elects Lakshmi Mittal on board for next 3 years
The term of four directors -- Mittal, Lewis Kaden, Bruno Lafont and Michel Wurth -- was due to expire this year.
Shareholders of ArcellorMittal today re-elected founder Lakshmi N Mittal along with two others to its board for the next three years.
Mittal is the Chairman and CEO of the world's largest steelmaker ArcelorMittal with an annual revenue of $56.8 billion and crude steel production of 90.8 million tonnes.
"The shareholders re-elected Lakshmi N Mittal, Bruno Lafont and M Wurth as directors of ArcelorMittal for a term of three years each," ArcelorMittal said after its annual and extraordinary general meetings held at its headquarters Luxembourg.
As per the proposal that was put up before the shareholders, "Mittal should be re-elected considering his strategic vision for the steel industry in general and for the Company", which they approved.
It said, "His role as CEO is a 'key asset' to the company, while the fact that he is fully aligned with the interests of the company's shareholders means that he is uniquely positioned to lead the Board of Directors in his role as Chairman".
It said the board of directors will comprise only one executive director, LN Mittal, the Chairman and CEO of the company and, its structure will be enhanced by the leadership provided by Bruno Lafont as the new Lead Independent Director.
The term of four directors -- Mittal, Lewis Kaden, Bruno Lafont and Michel Wurth -- was due to expire this year. The company said shareholders gave nod to board's proposal to re-elect Lafont and Wurth for another three-years term.
It said the "combination of these roles (Chairman and CEO) was revisited at the annual general meeting of shareholders of the company held in May 2014, when Mittal was re-elected to the board of directors for three-year term with a strong majority.
The shareholders also gave nod to Board director Narayanan Vaghul's decision to resign from the board of directors, while Karyn Ovelmen will succeed Vaghul as the chairman of the Audit & Risk Committee.