Ferrexpo PLC Management and Board Changes (9866X)
May 02 2023 - 2:00AM
UK Regulatory
TIDMFXPO
RNS Number : 9866X
Ferrexpo PLC
02 May 2023
FERREXPO PLC
("Ferrexpo", "the Company" or the "Group")
Management and Board Changes
Ferrexpo plc (LSE: FXPO), a producer and exporter of high grade
iron ore pellets to the global steel industry with operations in
central Ukraine, announces that Jim North, Chief Executive Officer
(CEO) and Executive Director of the Company, will step down
following a period of nine years with the Group, in order to pursue
other opportunities. Mr North will leave his position as CEO
following an orderly transition process with effect from 30 June
2023.
The Board Chair, Lucio Genovese, will act as Executive Chair on
an interim basis and assume leadership of the Group from 1 July
2023.
The Board is pleased to announce the appointment of Nikolay
Kladiev, Chief Financial Officer (CFO) of Ferrexpo, as an Executive
Director of the Company with effect from the conclusion of the
forthcoming AGM.
Lucio Genovese, Chair, commented , "On behalf of the Board, I
would like to thank Jim for his significant contribution to
Ferrexpo over the last nine years and for his role in leading and
shaping the Group's strategy since he assumed leadership in 2020.
Jim was appointed to the role of CEO at a time when our focus was
on accelerating growth, leading Ferrexpo's decarbonisation plans
and furthering cultural development within the business. However,
given the situation in Ukraine with the ongoing war and the
uncertain outlook, we have had to slow our growth programmes and
the CEO's focus has necessarily shifted to that of business
continuity and operational resilience.
Jim was a key driver in implementing Ferrexpo's long-term
expansion programmes as well as leading the transition to the new
high quality DR pellets, driving the decarbonisation pathway for
green steel. He has worked tirelessly to support the Group's
resilience through the extreme conditions we have had to face
during the ongoing war in Ukraine, and prior to this, successfully
navigated the significant challenges associated with Covid-19. The
Board and all Ferrexpo wish him every success in his future
endeavours.
I would like to welcome our CFO Nikolay to the Board.
Facilitating effective succession planning has been a recent area
of focus at Ferrexpo and we believe this has put us in a good
position to achieve business continuity in the light of these Board
and Management changes. As interim Executive Chair, I look forward
to working closely with Nikolay until such time as the outlook in
Ukraine allows for the search for a permanent CEO."
Jim North, outgoing CEO commented , "It has been a privilege to
lead Ferrexpo and to be part of the management team for the past
nine years. I would like to thank all my colleagues in Ukraine who
are brilliant people and who have continued to embrace innovation
to ensure Ferrexpo remains a leader in the supply of iron ore
pellets for a greener future. The resilience shown by my team to
support the business and maintain continuity of operations through
this conflict has been incredible. This is testament to the world
class management team at Ferrexpo both in Ukraine and around the
world, which has demonstrated continued perseverance during this
very difficult period. With Lucio in the position of Executive
Chair, and the appointment of Nikolay to the Board, I will be
leaving the business in very capable hands."
Mr North will resign from the Board of the Company with effect
from the conclusion of the Company's annual general meeting to be
held on 25 May 2023 (the "AGM"), and will also step down from his
role as a director of various Group subsidiaries. As a result,
resolution 10 at the forthcoming AGM (being the resolution to
re-elect Mr North as a director of the Company) will be withdrawn
and will not be put to shareholders for voting at the AGM.
Nikolay Kladiev joined Ferrexpo in 2005 and since 2007 has
served as a member of the Group's Executive Committee. He was
appointed Group CFO in July 2021 and in both his current and prior
role as CFO of Ferrexpo Poltava Mining (FPM), Nikolay has been
directly responsible for maintaining the Group's position as a low
cost pellet producer to the global steel sector.
There is no other information concerning Nikolay Kladiev, which
is required to be disclosed pursuant to paragraph 9.6.13 R of the
Listing Rules.
This announcement contains inside information in relation to the
Company. The person responsible for making this notification is
Mark Gregory, Company Secretary.
For further information, please contact:
Tavistock:
Jos Simson
Emily Moss +44 207 920 3150
Gareth Tredway ferrexpo@tavistock.co.uk +44 7785 974 264
About Ferrexpo:
Ferrexpo is a Swiss headquartered iron ore company with assets
in Ukraine and a premium listing on the London Stock Exchange in
the FTSE 250 index (ticker FXPO). The Group produces high grade
iron ore pellets, which are a premium product for the global steel
industry and enable reduced carbon emissions and increased
productivity for steelmakers when the Group's iron ore pellets are
converted into steel, compared to more commonly traded forms of
iron ore. Ferrexpo's operations have been supplying the global
steel industry for over 50 years, and in 2022 the Group produced
6.1 million tonnes of iron ore pellets, despite the war in Ukraine.
Historically, Ferrexpo has been the world's third largest exporter
of pellets to the global steel industry, recently having a market
share of approximately 9% in 2021. The Group has a global customer
base comprising of premium steel mills around the world, which
includes steel mills in Austria, Germany, Japan, South Korea,
Taiwan, China, Slovakia, the Czech Republic, Turkey, Vietnam and
America. For further information, please visit www.ferrexpo.com
.
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