Arcelor-Mittal to designate new CEO

Arcelor-Mittal, the global steel leader to be created from the merger of Arcelor and Mittal Steel, will soon choose a new chief executive for the company’s management board, Arcelor chairman Mr Joseph Kinsch said at a press conference in Luxembourg. Mr Dolle, the current CEO of Arcelor who staunchly opposed Mittal’s offer until just recently, will continue to work as a member of the combined management board, in order to oversee the merger, though it was not clear how extensive his role will be. Press reports have indicated that the talks that led to 26 June 2006 friendly deal were spearheaded by Mr Kinsch. Under the terms announced Mr Lakshmi Mittal will be president of Arcelor-Mittal’s board of directors, and Kinsch will be chairman. Upon Kinsch’s retirement, Mittal will become chairman, and Kinsch will take his place as president. The board of directors will initially have 18 members, with Mittal Steel and Arcelor each naming six directors. Another three members will represent major Arcelor shareholders, and the remaining three will be employee representatives. This structure will remain in place for three years, after which time it will be reviewed, “in order to reflect the best standards of corporate governance for comparable companies.”


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