Philippe Varin steps down as director on Tata Steel board

Tata Steel on Friday said its non-executive independent director Philippe Varin has resigned from the board of the company. Varin was also Chief Executive of Indian conglomerate Tatas-owned Corus -- the world's sixth largest steel maker.

Tata Steel on Friday said its non-executive independent director Philippe Varin has resigned from the board of the company.

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"Consequent to the appointment of Varin as the chairman of the board of French car maker Peugeot Citroen with effect from June 1, 2009, he has stepped down from the board of the company," Tata Steel said in a statement to the Bombay Stock Exchange.

Varin was also Chief Executive of Indian conglomerate Tatas-owned Corus -- the world's sixth largest steel maker. The 56-year-old Varin was at the helm of affairs when Corus was acquired by Tata Steel for over 12 billion dollars in 2007.