The new owners of Baffinland Iron Mines Friday announced a major shakeup of the company's board, including the installation of two leading ArcelorMittal executives in the top jobs.

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The Mary River iron property in Nunavut is owned by Baffinland, which expanded its board to 11 members from eight. ((Baffinland Iron Mines Corp.))

In all, five current directors are leaving the Baffinland board, which is being expanded to 11 directors.

Among the new directors is Aditya Mittal, ArcelorMittal's chief financial officer, named chairman of the Baffinland board.

Joining him will be Phil Du Toit, the ArcelorMittal executive vice-president in charge of mining projects and exploration, who has been named Baffinland president and CEO.

ArcelorMittal recently teamed with a private equity fund, Nunavut Iron Ore Acquisition Inc., in a successful takeover bid for Baffinland, which holds the rights to the big Mary River iron project on Baffin Island.

ArcelorMittal, the world's biggest steel maker, and Nunavut Iron, had been in a bidding war for Baffinland, but called a truce to make a joint offer that valued the company about $590 million.

Extended offer still stands

On Tuesday, the two companies, which together held about 60 per cent of Baffinland's stock, waived a two-thirds minimum tender condition and extended their offer of $1.50 per share to Feb. 4 in hopes of acquiring the remaining shares.

The two companies, which have agreed to split Baffinland 70-30 with ArcelorMittal holding the larger stake, said Thursday that the extended offer still stands.

A joint release by the successful bidders Thursday identified the directors stepping down as Richard D. McCloskey, Grant Edey, John W. Lydall, Russell Cranswick and Gordon Watts.

Current directors Daniella Dimitrov, Gary Fietz and Ronald Simkus will remain on the new board.

Besides Mittal and Du Toit, the other seats are being filled by Sudhir Maheshwari, Peter Kukielski, Carole Whittall, Andre La Fleche, Bruce Walter and Jowdat Waheed.