Mittal joins Goldman Sachs' board
New York, June 30, 2008 (IANS)
N. Mittal, world steel tycoon based in England, has joined the board
of directors of Goldman Sachs Group Inc, one of the oldest and largest
investment banking firms headquartered here. Mittal, the chairman
and chief executive of the world's largest steelmaker ArcelorMittal,
joined Goldman's 12-member board Saturday as an independent director,
the Wall Street firm said in a press release Sunday. Goldman Sachs's
board announced that Mittal will serve on the audit, compensation,
corporate governance and nominating committees of the board.
and his family together own over 43% of ArcelorMittal, which accounts
for about 10% of the world's total steel output. India born Mittal,
58, who settled in London n 1995, is Britain's wealthiest man and
fourth richest person in the world with a personal fortune of $45
billion, according to Forbes magazine.
C. Blankfein, chairman and CEO of Goldman, said: "Lakshmi Mittal
has reshaped a global industry and, in the process, has engineered
new modes of production, identified unrealised value and sparked
has a keen understanding of the global economy, having operated
in virtually every corner of the world. Lakshmi's experience, judgment
and independent thinking represent an important addition to our
board of directors, and will be of tremendous value to our people,
our shareholders and our clients," Blankfein added.
a B.Com from St. Xavier's College in Kolkata, founded Mittal Steel
Company in 1976. The company acquired Arcelor S.A. to form ArcelorMittal
his outstanding business achievements, Mittal has received many
honours and awards, including Padma Vibhushan, India's second highest
civilian honour. He was presented with a Fellowship from King's
College London in 2007. The same year he received the Dwight D.
Eisenhower Global Leadership Award and the Grand Cross of Civil
Merit from Spain.
in 1869, Goldman Sachs is a leading global investment banking, securities
and investment management firm that provides a wide range of services
worldwide to a substantial and diversified client base that includes
corporations, financial institutions, governments and high net worth
is the second Indian on the board after Rajat Gupta, a senior partner
at Mckinsey. Mittal is also a director of India's ICICI Bank and
aerospace company EADS.
Mittal has also been on the international advisory board of one
of Goldman's arch-rivals, Citigroup, but no longer holds this post.