Corus' Chairman Leng To Step Down Mar 30;Andrew Robb To Take Over
March 09 2009 - 4:54PM
Dow Jones News
Europe's second largest steelmaker, Corus, said last week that
its chairman, Jim Leng, has decided to step down from his position
on March 30 and make way for Andrew Robb, the former finance
director of U.K. glass maker Pilkington PLC, to become
chairman.
Leng joined the board of Corus, also known as Tata Steel Europe,
in June 2001 as non-executive director and became chairman in June
2003.
Robb became non-executive director of Corus in 2003 and of
India-based Tata Steel Ltd. (500470.BY) in 2007 when Tata acquired
Corus.
Leng, 63 years old, said: "After eight years on the Corus Board
and five years as Chairman I've made the decision to move on. I
feel this is an appropriate time, two years into the integration
phase following the takeover. I have thoroughly enjoyed my time at
Corus and leave with unique experiences, fond memories and many
friends."
No details were given about Leng's future endeavors.
Back in January, Leng was chosen as chairman designate of
Anglo-Australian miner Rio Tinto PLC (RTP) but resigned from the
position in early February due to concerns that Rio Tinto wasn't
pursuing the best deal for shareholders by entering talks with
Aluminum Corp. of China, or Chinalco, in order to pay down
debt.
Rio Tinto subsequently announced a GBP19.5 billion deal with
Chinalco in which the state-owned Chinese firm agreed to buy
minority stakes in some of Rio Tinto's mining operations and invest
in convertible instruments. Several large Rio Tinto shareholders
voiced concerns that the deal will dilute their holdings without
giving them rights to participate in the fundraising.
Company Web site: http://www.corusgroup.com
-By Alex MacDonald, Dow Jones Newswires; +44 (0)20 7842 9328;
alex.macdonald@dowjones.com