December 03, 2008
ArcelorMittal nominates Mr Kaden as lead independent director
ArcelorMittal announced that Mr Lewis B Kaden has been nominated to take up the newly established role of Lead Independent Director. Mr Kaden's appointment is to be ratified at a board meeting next month.
Mr Kaden who has approximately 38 years' experience in corporate governance, dispute resolution, labor and employment law and economic policy is currently vice chairman of Citigroup. Prior to that, he was a partner at the law firm of Davis Polk & Wardwell and served as Counsel to the Governor of New Jersey, as a Professor of Law at Columbia University and as Director of Columbia's Centre for Law and Economic Studies.
ArcelorMittal on December 4th 2007 stated that Mr Joseph Kinsch would step down as chairman of the board of directors at the company's next AGM. The Board unanimously nominated CEO Mr LN Mittal to take up his role after Mr Kinsch steps down. In light of this and due to the successful integration of the Company, the Board of Directors has unanimously resolved that the post of President no longer meets current needs and has decided to replace it with the new position of Lead Independent Director. The Lead Independent Director's principal duties and responsibilities are as follows:
1. Co ordination of activities of the other Independent Directors;
2. Liaison between the Chairman and the other Independent Directors;
3. Calling meetings of the Independent Directors when necessary and appropriate
4. Such other duties as are assigned from time to time by the Board.
Mr Joseph Kinsch said that "I am delighted the Board has nominated Mr. Kaden to serve as the inaugural Lead Independent Director of ArcelorMittal. His considerable experience and knowledge of corporate life will be invaluable to the company in his new role".
Mr Kaden said that "I am honored to have been asked to serve in the role of Lead Independent Director. ArcelorMittal has transformed the steel industry through its boldness and leadership. I welcome the opportunity to continue to contribute to its future success for the benefit of our shareholders and key stakeholders."
