Vedanta boss out after rival job offer

LONDON-listed miner Vedanta Resources has dumped chairman Brian Gilbertson over his potential new role with the rouble-laden Russian aluminium giant Sual.

The South African, in contact with Sual since the turn of the year despite pocketing a £7m golden hello from Vedanta in December, leaves immediately.

Gilbertson was left isolated after it emerged at the weekend that Sual could offer up to $50m (£2m) to land him ahead of a float on the London Stock Exchange. He helped float Vedanta eight months ago.

Founded by Bollygarch Anil Agarwal, Vedanta has a wealth of copper, lead and zinc assets across India, but also has ambitions to become a major player in aluminium.

It said: 'Brian Gilbertson has now been approached about a position in another company - not a direct competitor of Vedanta, but an aluminium producer - that would involve certain executive responsibilities.

'To obviate any possible conflict of interest, or the semblance thereof, it has been mutually agreed he will step down from the chairmanship and the board of Vedanta.'

Vedanta's senior non-executive director Michael Fowle will take Gilbertson's place.

Chief executive Agarwal thanked Gilbertson for his 'counsel', but the latter's seeming desire to follow the money will further cloud his reputation in the City.

Last year, he was carpeted for walking out as BHP Billiton chief executive with a £4m pay-off after six months.