June 27 (Reuters) – The head of Tata Steel’s (TISC.BO) European unit Corus is to step down later this year, the company said on Sunday.
It said Kirby Adams, managing director and chief executive of Corus, Europe’s second largest steel producer, will step down from Oct 1, 2010 and will be replaced by Karl-Ulrich Kohler, currently chief operating officer at the subsidiary and a former head of Germany’s ThyssenKrupp Steel (TKAG.DE).
Adams “has decided to step down from his executive roles and return to Australia, having successfully initiated a restructuring of the company and restored profitability,” the world’s eighth biggest steelmaker said in a statement.
Adams will remain available to Tata Steel in an advisory capacity, it added.
Tata Steel’s European operations account for two thirds its global capacity of about 30 million tonnes, while the booming Indian operations contribute a quarter. Tata Steel also has units in Thailand and Singapore. (Reporting by Aniruddha Basu; Editing by Greg Mahlich)