Keller out at CodelcoExcerpts from Reuters........
UPDATE 3-Board of Chile's state-run Codelco removes CEO Keller
Fri Jun 6, 2014 11:09am EDT
* Keller, new board had differences of vision, style
* Opposition says Keller's departure politically motivated
* Interim CEO to be named on June 13 (Adds analyst comments, details on labor issues)
SANTIAGO, June 6 (Reuters) - Chilean state-run copper miner Codelco said it was removing Chief Executive Officer Thomas Keller to seek new leadership at a pivotal time for the company, but opponents said the decision was politically motivated.
Keller, a former retail executive, has earned plaudits for his efforts to overhaul old mines and cut costs at the world's No. 1 copper producer, but his tough style triggered tensions with Codelco's powerful unions and the new center-left government.
The recently reshuffled board stressed the removal of Keller, seen as close to the right, was not politically motivated, while the conservative opposition decried what it said was meddling that could harm the miner in the midst of an ambitious investment plan.
The board voted 5-3, with one abstention, to remove Keller, who took the reins of the company in 2012 during the conservative administration of Sebastian Pinera.
Current center-left President Michelle Bachelet, whose term began in March, tapped three new directors to the board, including Landerretche.
Keller, who had said he had different views from the board on how to run the company, ruffled some feathers with a sometimes brash personal style.
At the heart of the policy clash is how to navigate massive overhauls of Codelco's old mines, especially century-old Chuquicamata, since the changes include laying off workers and curtailing their benefits.
Some in the industry say the success of Codelco's roughly $30 billion investment plan hinges on fostering harmonious relations with unions, while others say a bloated workforce is a hindrance.