Indian mining company Vedanta Resources Plc named a former CEO, Kuldip Kaura, to again lead the company on an interim basis as it looks for a new head to replace Tom Albanese, who is leaving the company on Thursday.
Albanese, who was asked to delay his departure by five months in March, will step down from the board on Aug. 31, but will remain chairman of Vedanta`s Zambian copper business, Konkola Copper Mines.
Kaura was CEO of Vedanta Resources from 2005 to 2008 and has been president of the office of the group`s chairman since 2016. The challenges of Vedanta’s leadership include legal action in connection with pollution in Zambia, where it has faced repeated demonstrations by local villagers over the issue.
Investors are cautious about Vedanta, whose share price has fallen around 4 percent this year, while other big miners have continued a rally that began last year as the commodity markets recovered from a deep sell-off.
Vedanta Executive Chairman and Indian billionaire Anil Agarwal bought a 13 percent stake in global miner Anglo American in March but has denied he intends to take over the company.
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