Tata Steel today announced that Philippe Varin, chief executive officer (CEO) Corus and of Tata Steel Europe, the holding company of the European operations, will be stepping down from his position on April 6, 2009, after having completed six years in the role.
A press release said that post-Tata Steel’s acquisition of Corus in 2007, Varin had worked closely and effectively with B Muthuraman, managing director of Tata Steel to successfully integrate Corus and Tata Steel. “The company is now well placed its long-term objectives,” said the release.
Industry sources said, the move was surprising since there was speculation and some of the international reports also suggested that Varin was likely to succeed Muthuraman, due to retire in October 2009.
Kirby Adams, formerly chief executive of BlueScope Steel, headquartered in Australia would succeed Varin. Tata Steel has an equal joint venture with BlueScope Steel.
Adams has also served as chairman of the International Iron and Steel Institute. He would join the boards of Tata Steel Europe and Tata Steel. He would report to Muthuraman.
The release said that when Tata Steel acquired Corus, Varin had agreed to continue as chief executive for at least two years. “Now that he has met his commitment, he has decided to seek a new challenge. In order to ensure a smooth transition of executive leadership in Corus, Varin will continue to serve on the boards of Tata Steel Europe and Tata Steel as a non-executive director,” said the release.
