Lakshmi Mittal joins Goldman Sachs

Source: Exec Digital USA

Date :30/06/2008 02:37:53

Goldman Sachs Group Inc said Sunday, June 29, that billionaire steel magnate Lakshmi Mittal has been elected as an independent director.

Lakshmi Mittal, chairman and CEO of ArcelorMittal, the world’s biggest steelmaker, was elected to the world's largest investment bank’s board as an independent member.

He joined the 13-member board Saturday and will serve on its Audit, Compensation and Corporate Governance and Nominating committees.

“Lakshmi Mittal has reshaped a global industry and, in the process, has engineered new modes of production, identified unrealized value and sparked remarkable growth,” Goldman Sachs Chairman and CEO Lloyd Blankfein said in a written statement. “He has a keen understanding of the global economy, having operated in virtually every corner of the world.”

Mittal founded Mittal Steel Co. in 1976 and served as CEO of Mittal Steel until 2006, when the company acquired Arcelor SA to form ArcelorMittal.

In January, he received the Padma Vibhushan, India's second-highest civilian honor, from the country's president. He also serves as a director of Airbus maker European Aeronautic Defence & Space NV and ICICI Bank Ltd. of India.