The board of directors of Arcelor Mittal on Monday unanimously appointed Lakshmi N Mittal as the new chief executive officer with immediate effect. Mittal will continue in his role as president of the board of directors.
According to a release on the company website, Roland Junck has stepped down as chief executive, but will remain a member of the Group Management Board (GMB) with his existing portfolio and additional responsibility as advisor to the chief executive.
"The GMB will now comprise Lakshmi N Mittal, Aditya Mittal, Roland Junck, Michel Wurth, Gonzalo Urquijo and Malay Mukherjee. Davinder Chugh will retain his operational functions reporting directly to the CEO," the release added.
Joseph Kinsch, chairman of the board, said: "We are making these changes to clarify the leadership of the company. It had become clear over the past months that the interests of the company were not best served by the previous structure.
"I believe these revised arrangements are in the best interest of all stakeholders. Mittal is one of the most experienced and successful executives in the steel industry, and the board is confident his leadership will deliver the considerable potential of Arcelor Mittal."
Arcelor Mittal on Monday reported EBITDA (earnings before interest, tax, depreciation and amortisation) of $4.35 billion and sales of $22.1 billion for the third quarter ended September 30, 2006.
"The anticipated low seasonal volume was offset by a strong rise in steel prices. Looking ahead, we are on track to deliver guidance for the full year," chief financial officer Aditya Mittal said in a statement.