Aditya Mittal will take over as Chief Executive Officer of ArcelorMittal, the world's leading steel and mining company his father Lakshmi N Mittal founded in 1976.
Aditya is currently the President, CFO and CEO of ArcelorMittal Europe.
Lakshmi Mittal, who is currently Chairman and CEO, will become Executive Chairman. In this position, he will continue to lead the board of directors and work together with the CEO and management team.
"Despite the obvious challenges of 2020, ArcelorMittal starts 2021 in a position of comparative strength," said Lakshmi Mittal.
"Having achieved some key strategic targets, this seems like the right moment to transition to Executive Chairman and the board unanimously agree that Aditya Mittal is the natural and right choice to be the company's Chief Executive," he said in a statement on Thursday.
Lakshmi Mittal said Aditya has an unrivalled knowledge of the business and a keen sense of how the company must continue to transform to remain the world's leading steel company.
"As Chief Executive, he will be taking on the effective day-to-day running of the company, but we will continue to work very closely together and I remain as fascinated, engaged and committed to the company's long-term success as ever. I am looking forward to this next chapter."
Aditya said his father built ArcelorMittal from a greenfield rolling mill in Indonesia to become the world's leading steel company.
"It is an extraordinary achievement and I am privileged to have witnessed and been part of so much of that journey. I am excited about what lies ahead. ArcelorMittal is full of incredible people, a company with excellent knowledge and capabilities and a company with tremendous potential."
Bruno Lafont, Lead Independent Non-Executive Director, said this is a well-planned transition and he expects it to be very smooth.
As a result of these developments, Genuino Christino will become Chief Financial Officer. He joined the company in 2003 and has held the position of Head of Finance since 2016.
ArcelorMittal is the world's leading steel and mining company with a presence in 60 countries and primary steelmaking facilities in 17 countries.
In 2020, ArcelorMittal had revenues of 53.3 billion dollars and crude steel production of 71.5 million tonnes while iron ore production reached 58 million tonnes.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)