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| Former Corus chief Varin quits Tata Steel board |
| Press Trust of India / New Delhi May 29, 2009, 20:39 IST |
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In less than two months after stepping down as the chief executive of Tata Group-owned steel maker Corus, Philippe Varin has now quit the board of Tata Steel.
Varin, who has resigned from the post of the non-executive independent director on the board of Tata Steel, is scheduled to join the French car maker Peugeot Citroen as its chairman with effect from June 1.
"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 BSE.
When Tata Steel had acquired Corus in 2007 for about $12 billion, Varin had agreed to continue as CEO for at least two years. He had put in his papers in January this year and said he would step down from that post on April 6.
Varin has been replaced by Kirby Adams, who was formerly the CEO of Australia-based BlueScope Steel.
Varin, 56, was at the helm of affairs, when Corus was acquired by Tata Steel. He lead the company during the global economic downturn which saw a slump in steel demand and consequent fall in prices.
During the year Tata Steel also saw Jim Leng, chairman of Tata Steel Europe, which controls Corus, resigning. He stepped down from his post on 30th March.
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