ArcelorMittal has fewer directors on board now | business | Hindustan Times
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ArcelorMittal has fewer directors on board now

business Updated: May 13, 2009 21:08 IST

The number of directors on board of world's biggest steel maker ArcelorMittal has come down to 12 from 16 as one of them has resigned while the tenures of three others have ended.

The directors whose tenures have expired are Sergio Silva de Freitas, Michel Marti and Jean-Pierre Hansen. On other hand, Ignacio Fernandez Toxo stepped down from the board, a company statement said.

The shareholders in the AGM also reappointed three other board members -- Narayanan Vaghul, billionaires Wilbur Ross and Francois H Pinault. Vaghul is the former head of India's largest private sector bank ICICI Bank.

Shareholders of the steel major approved the changes in the board during their Annual General Meeting held on Tuesday, the firm said in a statement.

ArcelorMittal had recently said that it would reduce the members in the company's board.

"... The Board of Directors of the company has decided to nominate fewer members of the Board for re-election... This would lead to a reduction on the number of members on the Board of Directors," ArcelorMittal had informed the US Securities and Exchange Commission last week.