UPDATE 1-Chile's Codelco picks company executive as interim CEO

Fri Jun 13, 2014 2:40pm EDT

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(Updates with details on board, interim CEO)

SANTIAGO, June 13 (Reuters) - The board of Chilean state-run copper miner Codelco on Friday named Octavio Araneda, vice-president of the company's central-south operations, as interim chief executive until a definitive replacement is picked.

Codelco said the board unanimously picked Araneda, a low-profile engineer, and that the process to choose a long-term replacement will be headed by the board's new president Oscar Landerretche.

Last week, the board of the world No.1 copper producer, reshuffled under new center-left president Michelle Bachelet, said it would replace chief executive officer Thomas Keller.

Keller earned plaudits for his efforts to overhaul old mines and cut costs at Codelco, but his tough stance toward labor activism triggered tensions with its powerful unions and the country's new government.

The company will continue with its ambitious long-term investment plan aimed at revamping old mines and slashing costs, Landerretche said in an interview with Reuters on Wednesday. (Reporting by Anthony Esposito; Editing by Chris Reese and Diane Craft)

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