IGO backs new CEO Vella after Rio Tinto dismissal

Australia鈥檚 lithium and nickel producer IGO (ASX: IGO) is to appoint Ivan Vella as its chief executive officer, after investigating the circumstances that led Rio Tinto (ASX: RIO) to fire him earlier this month.
Rio said Vella, who will assume the top job at IGO on December 11, did not follow all appropriate procedures in relation to confidential information under his control. IGO noted that, based on what is known, no information was compromised as a result of Vella鈥檚 actions.
鈥淭hroughout the recruitment process, the Board was highly impressed by the alignment of Ivan鈥檚 values with those of IGO, and his proven track record as a corporate leader,鈥 IGO鈥檚 chair, Michael Nossal, said . 鈥淯pon reviewing the full circumstances of this recent situation, the board continues to have confidence in Ivan鈥檚 character.鈥
Vella has accepted accountability for the policy breach that led to his early departure from Rio Tinto, where he was the head of the aluminum division.
鈥淏ut having been passionately dedicated to Rio Tinto for over 20 years of my life, I can confirm that there was no mal intent,鈥 Vella noted.
Vella takes the reins at a time when IGO鈥檚 nickel business is reeling from the costly takeover of rival Western Areas鈥 nickel assets and its own Nova nickel-copper-cobalt mine, its flagship operation, depletes faster than expected.
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