Tata Steel names new CEO for Corus unit

Tata Steel Ltd says the chief executive of its Corus unit, Philippe Varin, has resigned and Kirby Adams, a former CEO of Bluescope Steel, would replace him.

Tata Steel Ltd said the chief executive of its Corus unit, Philippe Varin, has resigned and Kirby Adams, a former CEO of Bluescope Steel, would replace him.

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Varin had agreed to stay on as CEO of Corus for two years when Tata Steel bought the Anglo-Dutch steelmaker in 2007, the company said in a statement late on Thursday.

"Now that he has met his commitment, he has decided to seek a new challenge," it said without elaborating.

The acquisition had made Tata Steel the world's sixth-largest steel maker with an annual capacity of more than 28 million tonnes.

Varin will continue to serve on the boards of Tata Steel Europe and Tata Steel as a non-executive director, the company said.