Board of Chile's state-run Codelco replacing CEO Keller
(Minews) - Chilean state-run copper miner Codelco said on Friday that it was replacing Chief Executive Officer Thomas Keller, who has had differences with the new board.
Keller has earned plaudits for his drive to overhaul old mines and cut costs at the world's No. 1 copper producer, but his tough style triggered some tensions with unions.
The board voted 5-3, with one abstention, to remove Keller from his duties, Codelco said in a statement to Chile's market regulator, without specifying why.
Keller will carry on as CEO through June 13, when the miner will announce a temporary chief executive officer while it searches for his long-term replacement.
Keller took the reins of the company in 2012, during the conservative administration of Sebastian Pinera.
Current center-left President Michelle Bachelet, who took office in March, tapped three new directors to the board, including its current president, Oscar Landerretche.
Keller, seen as close to the right, and the new board appear to have different views of how to run the company, which produces about 10 percent of the world's red metal.
There is no obvious replacement for him. The major challenges facing Codelco's next CEO will be overseeing a multibillion-dollar investment plan to overhaul the company's massive but tired mines, as well as cutting costs.
Publish date : Friday 6 June 2014 19:59
Story Code: 9295
