Lakshmi N. Mittal to become Executive Chairman; Aditya Mittal appointed Chief Executive Officer
11 Febbraio 2021 - 7:00AM
11 February 2021, 07:00 CET
The Board of Directors of ArcelorMittal today announces that
Aditya Mittal, currently President, CFO and CEO ArcelorMittal
Europe, will become Chief Executive Officer of the company.
Lakshmi N. Mittal, who founded the company in
1976 and is currently Chairman and CEO, will become Executive
Chairman. In this position he will continue to lead the Board of
Directors and work together with the CEO and management team.
Commenting, Lakshmi Mittal
said:
“Despite the obvious challenges of 2020,
ArcelorMittal starts 2021 in a position of comparative strength.
Having achieved some key strategic targets, this seems like the
right moment to transition to Executive Chairman and the Board
unanimously agree that Aditya Mittal is the natural and right
choice to be the company’s Chief Executive. We have worked closely
together since he joined the company in 1997, indeed in recent
years we have effectively been managing the company together.
He has an unrivalled knowledge of the business and a keen sense of
how the company must continue to transform to remain the world’s
leading steel company. As Chief Executive, he will be taking on the
effective day to day running of the company, but we will continue
to work very closely together and I remain as fascinated, engaged
and committed to the company’s long-term success as ever. I am
looking forward to this next chapter.”
Aditya Mittal said:
“It is an honour to be appointed Chief Executive of
ArcelorMittal. Mr Mittal built ArcelorMittal from a greenfield
rolling mill in Indonesia to become the world’s leading steel
company. It is an extraordinary achievement and I
am privileged to have witnessed and been part of so much
of that journey. I’m excited about what lies ahead. ArcelorMittal
is full of incredible people, a company with excellent knowledge
and capabilities and a company with tremendous potential.
“The world is transforming at a very rapid pace and this change
brings challenges but also many opportunities for ArcelorMittal.
The biggest challenge, but also the biggest opportunity, will be to
demonstrate that steel can decarbonise and indeed is the perfect
material for a circular economy. This will undoubtedly be a
critical driver of our strategy in the coming years and decades.
That Mr Mittal will remain very involved as Executive
Chairman is a great advantage – his wisdom, knowledge
and insight will be invaluable and I look forward to us
continuing to work very closely together for many years to
come.”
Bruno Lafont, Lead Independent
Non-Executive Director, said:
“This is a well-planned transition and I would
expect it be very smooth. Aditya Mittal is without a doubt
the right candidate to be the next Chief Executive of
ArcelorMittal. His knowledge and experience of the company is
second-to-none and this step reflects the role he has increasingly
performed in recent years. He has impressed the Board with his
forensic knowledge of the business, his leadership skills in all
market conditions and his knowledge of the sustainability trends
that are shaping and changing the way the global economy operates.
We are delighted that Lakshmi Mittal wants to remain fully
involved. Over 45 years he created the world’s leading steel
company from scratch and has arguably played a more influential
role in driving progress in the industry than any other individual.
With Mr Mittal as Executive Chairman and Aditya Mittal as Chief
Executive, supported by strong segment and function leaders,
ArcelorMittal is well positioned to succeed in the coming decade
and beyond.”
As a result of these developments, Genuino
Christino will become Chief Financial Officer. Mr Christino joined
the company in 2003 and has held the position of Head of Finance
since 2016.
BACKGROUND
Lakshmi Mittal founded what became ArcelorMittal
in 1976 when he built a greenfield rolling mill in Indonesia. An
early believer in the benefits consolidation could bring to the
steel industry, he took his first international step in 1989 with
the lease and subsequent acquisition of a steel company in Trinidad
& Tobago. This was followed by expansion into Mexico, the USA,
Germany, Kazakhstan and multiple eastern European countries. In
2004 Mr Mittal combined his two steel businesses, Ispat
International and LNM Holdings to form Mittal Steel, while at the
same time agreeing to merge with International Steel Group of the
United States. This combination meant Mittal Steel became the
world’s largest steel company, a position that was further
reinforced in 2006 when Mittal Steel and Arcelor agreed to merge to
create ArcelorMittal. Mr Mittal is widely recognized for his
entrepreneurial and business success and has received numerous
awards. He sits on the board of Goldman Sachs.
Aditya Mittal joined Ispat International in 1997
from Credit Suisse where he worked in the investment banking
division. His first task was to oversee the IPO of Ispat
International on the New York Stock Exchange. He subsequently
became Head of M&A, leading the company’s expansion into
Eastern Europe. As CFO of LNM Holdings he led the combination
of Ispat International with LNM to form Mittal Steel, of which he
became CFO. He identified the opportunity of combining
Arcelor and Mittal Steel and led the merger offer which culminated
in the creation of ArcelorMittal. As well as being CFO of
ArcelorMittal he took up operational responsibilities, first as CEO
ArcelorMittal Americas and then as CEO of ArcelorMittal
Europe. He was named President in 2018.
Genuino Christino joined Cia. Belgo Mineira in
Brazil (currently ArcelorMittal Brazil) in 2003 from KPMG where he
worked as an external auditor and consultant for over 10 years in
Brazil and in the UK. He was transferred to our head office in
Luxembourg in 2009 and has progressively taken over additional
responsibilities within finance becoming Head of Finance in 2016.
He has been working closely with Aditya on developing and executing
the Group's financial strategy.
ENDS
About ArcelorMittal
ArcelorMittal is one of the world's leading
steel and mining company, with a presence in 60 countries and
primary steelmaking facilities in 17 countries. In 2020,
ArcelorMittal had revenues of $53.3 billion and crude steel
production of 71.5 million metric tonnes, while iron ore production
reached 58.0 million metric tonnes.
Our goal is to help build a better world with
smarter steels. Steels made using innovative processes which use
less energy, emit significantly less carbon and reduce costs.
Steels that are cleaner, stronger and reusable. Steels for electric
vehicles and renewable energy infrastructure that will support
societies as they transform through this century.
With steel at our core, our inventive people and
an entrepreneurial culture at heart, we will support the world in
making that change. This is what we believe it takes to be the
steel company of the future.
For more information about ArcelorMittal please
visit: http://corporate.arcelormittal.com/
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