04/20/2016

Tata Steel, London

Appointment of CEO for Tata Steel UK

Tata Steel Europe yesterday announced changes to the leadership of its operations in the UK. Bimlendra Jha, an Executive Committee member of Tata Steel Europe, has been appointed as the Chief Executive Officer of Tata Steel UK. Mr Jha is currently Executive Chairman of Tata Steel Europe’s Long Products Europe business and has successfully led the divestment process that resulted in the signing of a Sale and Purchase Agreement with Greybull Capital on April 11. Mr Jha, in this new position, will report to Hans Fischer, Chief Executive Officer of Tata Steel Europe. He will be supported by a team of executives drawn across functions including operations, procurement, finance, human resources and commercial.


Mr Koushik Chatterjee, Group Executive Director of Tata Steel Limited, said: “Today’s announcement by Tata Steel Europe will ensure the full focus on the vital tasks that lie ahead of Tata Steel UK. Bimlendra’s successful experience of the process of divestment of Long Products Europe will be invaluable as Tata Steel Europe explores strategic alternatives for its operations in the UK. He will be supported by a team with immense operating experience of the UK business. To deliver greater clarity for all key stakeholders such as employees, customers and suppliers, it is important for the new team to seek all credible options in a time bound manner.”


In order to provide further support to run and manage a global sale process, Tata Steel Europe has appointed Standard Chartered bank as an additional adviser to the process to ensure the coverage and reach of the universe of potential buyers, especially to Asia and the Far East. They will work alongside KPMG LLP, whose appointment was announced on April 11.


Over the last seven days, the advisers to Tata Steel Europe have begun initial exploration of interest in Tata Steel’s UK operations reaching out to 190 potential financial and industrial investors worldwide. More detailed information sharing will commence this week as the process moves into the confidential phase.


Tata Steel, London