Chile Names New Board of Copper Giant Codelco

SANTIAGO, Feb. 11 -- Chile's government on Wednesday unveiled a new, expanded board of directors at Codelco [CODEL.UL], just weeks before President-elect Sebastian Pinera is set to take office on March 11.

President Michelle Bachelet appointed former board member Nicolas Majluf as chairman of the nine-member board of the world's top copper producer, the Mining Ministry said on its website (www.minmineria.cl).

The new board will choose a chief executive to succeed Jose Pablo Arellano, who has said he will not continue as CEO beyond March.

Pinera has vowed to implement deep reforms to make Codelco more efficient and competitive, and is also in favor of allowing private pension funds to take a combined minority stake in the company -- which union leaders have vowed to resist.

The government said Budget Director Alberto Arenas had tendered his resignation and would take up a new post as a Codelco board director in March.

Current board members Jorge Bande and Raimundo Espinoza, head of Codelco's 18,000-member Federation of Copper Workers, both stay on.

They are joined by Jaime Roberto Gutierrez, Andres Sanfuentes, Marcos Buchi, Marcos Lima and Gerardo Jofre, who round out the board.

The board was expanded under new corporate governance.