Ferroglobe Announces Appointment of Marco Levi as Chief Executive Officer
January 13 2020 - 8:58AM
Ferroglobe PLC (NASDAQ:GSM) (“Ferroglobe” or the “Company”),
announced today that Dr. Marco Levi has been appointed as its Chief
Executive Officer (CEO), effective immediately. Dr. Levi will
be based with the Company’s management team in Madrid, Spain.
Dr. Levi has over thirty years of executive
management and board level experience spanning the chemicals,
plastic, rubber and paper industries. Dr. Levi is recognized
for his track record in turning around multinational companies and
transforming business units. He has held board director roles
at a number of companies, and currently serves as a director of
Schweitzer-Mauduit International, Inc. (NYSE:SWM). Dr. Levi
served as President and CEO of Alhstrom-Munksjö Oyj, a global fiber
materials company listed in Finland, where he led a successful
transformation of the business by refocusing its product portfolio
towards value-added specialty products. Prior to Alhstrom,
Dr. Levi was Senior Vice President and Business President of the $3
billion emulsion polymers division of chemicals manufacturer
Styron, including during the period in which Styron was acquired by
Bain Capital from Dow Chemical Company. Dr. Levi previously
had spent over twenty-two years at Dow in various departments and
roles, ultimately serving as general manager of the emulsion
polymers business.
Dr. Levi succeeds Pedro Larrea Paguaga, who has
stepped down from the Company to pursue other opportunities, having
served as CEO of Ferroglobe since its inception in 2015 and
formerly as CEO of Grupo FerroAtlántica since 2011.
Javier López Madrid, the Company’s Executive
Chairman, commented, “Following a rigorous selection process, the
Board and I are pleased to announce the appointment of Marco Levi
as Ferroglobe’s CEO. Throughout his career, Marco has
demonstrated the ability to effectively lead global, asset rich
materials technology companies facing many of the same dynamics and
challenges we encounter. By drawing on his vast experience
across the industrials sector and strong leadership, we are
confident that Marco will successfully navigate Ferroglobe through
the current cyclical downturn, and we look forward to working with
him in the development of a new strategy for the Company centered
on sustainable growth and profitability.” Mr. López Madrid
added, “I would like to thank Pedro Larrea for his contributions
throughout the past eight years. He played an important role in the
successful integration of the two businesses from which Ferroglobe
was formed and has been instrumental in establishing the Company as
a true multi-national, competing in all major global markets.
Recently, he has driven the completion of a number of critical
transactions, including complex divestitures of non-core assets and
the refinancing of our revolving credit facility. The Board
thanks Pedro for his dedication, professionalism and leadership and
wishes him the best in his future endeavours.”
Dr. Levi commented, “Ferroglobe is a global
leader in its industry and has significant value which is currently
unrealized by the market. I am excited to leverage my prior
experiences to implement rapid change to return the Company to
profitability. For several decades I have been reorienting
industrial companies by taking a fresh look at the underlying
business and transforming the platform to enhance competiveness and
drive sustainable growth. Working with the Company’s Board
and management team, I am confident we can unlock tremendous value
for all stakeholders.”
Mr. Larrea commented, “I am grateful to
Ferroglobe and its Board for the opportunity it has given me to
lead this dynamic organization. I thank my colleagues for all
their hard work and dedication, particularly through what have been
very challenging periods. I wish Marco Levi every success in his
new role.”
About FerroglobeFerroglobe PLC is one
of the world’s leading suppliers of silicon metal, silicon- and
manganese- based specialty alloys and ferroalloys, serving a
customer base across the globe in dynamic and fast-growing end
markets, such as solar, automotive, consumer products, construction
and energy. The Company is based in London. For more
information, visit http://investor.ferroglobe.com.
Forward-Looking StatementsThis release contains
“forward-looking statements” within the meaning of U.S. securities
laws. Forward-looking statements are not historical facts but are
based on certain assumptions of management and describe
Ferroglobe’s future plans, strategies and expectations.
Forward-looking statements often use forward-looking terminology,
including words such as “anticipate”, “believe”, “could”,
“estimate”, “expect”, “forecast”, “guidance”, “intends”, “likely”,
“may”, “plan”, “potential”, “predicts”, “seek”, “will” and words of
similar meaning or the negative thereof.
Forward-looking statements contained in this press release are
based on information currently available
to Ferroglobe and assumptions that management believe to
be reasonable, but are inherently uncertain. As a result,
Ferroglobe’s actual results, performance or achievements may differ
materially from those expressed or implied by these forward-looking
statements, which are not guarantees of future performance and
involve known and unknown risks, uncertainties and other factors
that are, in some cases, beyond Ferroglobe’s control.
Forward-looking financial information and other metrics
presented herein represent Ferroglobe’s goals and are not intended
as guidance or projections for the periods referenced herein or any
future periods.
All information in this press release is as of the date of its
release. Ferroglobe does not undertake any obligation to
update publicly any of the forward-looking statements contained
herein to reflect new information, events or circumstances arising
after the date of this press release. You should not place undue
reliance on any forward-looking statements, which are made only as
of the date of this press release.
CONTACT:Gaurav Mehta EVP – Investor Relations
Email: investor.relations@ferroglobe.com
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