Roland Junck appointed CEO of post-merger Arcelor-Mittal
05 August 2006
Mumbai: Roland Junck, Arcelor''s senior executive vice-president, will be the next CEO of Arcelor Mittal, the Mittal Steel-Arcelor combine, following Mittal''s successful takeover of the world''s second largest steel maker in a $38.3 billion agreement.
Arcelor''s chief financial officer Gonzalo Urquijo and deputy chief executive officer Michel Wurth, who had opposed the takeover, were bypassed for the top job of the world''s largest steel maker.
Junck, 50, joined Luxembourg''s Arbed SA in 1980 before it merged with Spain''s Aceralia SA and France''s Usinor SA to become Arcelor vice president. He will lead a team of six managers presided over by Lakshmi Mittal.
Aditya Mittal 30, son of L N Mittal and chief financial officer of Mittal Steel, will also be on the new management board of Arcelor-Mittal as CFO of the merged entity. The others on the new management board are Arcelor''s Michel Wurth and Gonzalo Urquijo, and Mittal Steel''s Malay Mukherjee and Davinder Chugh.Guy Dolle, CEO of Arcelor who retires next year, has no fixed role in the new company, but will offer advice when required.
The new board is scheduled to meet on August 8.
Mittal Steel now hold 92 per cent of the shares in Arcelor, but the two companies have kept a formal merger in abeyance for some time, possibly for up to a year.