Appointment of Acting Chief Executive Officer

RNS Number : 2447R

Ferrexpo PLC

28 October 2019

 

28 October 2019

FERREXPO plc

("Ferrexpo", "the Company" or the "Group")

Appointment of Acting Chief Executive Officer

Mr Kostyantin Zhevago has informed the Board of Ferrexpo of his decision to step aside, temporarily, from his position of Chief Executive Officer of the Group to focus on resolving certain matters in Ukraine relating to one of the businesses he owned until 2015.

The Board has appointed Mr Chris Mawe, Chief Financial Officer, to Acting Chief Executive Officer of the Group. Mr Mawe will take over all executive responsibilities of Mr Kostyantin Zhevago in addition to his existing financial responsibilities.

Mr Mawe has deep knowledge of the Group and during his 11 years with Ferrexpo he has been instrumental in the development and implementation of many of the strategic initiatives which have ensured that the Group is in a financially strong position and able to grow in a sustainable manner.

As a substantial shareholder in the Company, Mr Zhevago will remain on the Board as a non-independent, non-executive director.

These changes will take effect immediately and until further notice.

Steve Lucas, Non-executive Chairman, commented:

"The Board, including Mr Zhevago, believes that this temporary change of leadership is necessary and in the interests of all shareholders to enable Mr Zhevago to focus on on-going matters in Ukraine without impacting the Company's operations. Mr Zhevago continues to have the full support of the Board.

We are very pleased that Mr Mawe has agreed to step into the role of Acting Chief Executive Officer. His extensive knowledge of the Group's operations will ensure business continuity as we further position Ferrexpo as a dominant player in the global pellet market."

This announcement contains inside information in relation to the Company. The person responsible for making this notification is Brian McLelland, Interim Company Secretary.

For further information contact:

Ferrexpo:

Ingrid McMahon

[phone]

Maitland/AMO:

James Isola

[phone]

Notes to Editors:

Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine. It has been mining, processing and selling high quality iron ore pellets to the global steel industry for 40 years. Ferrexpo's resource base is one of the largest iron ore deposits in the world. In 2018, the Group produced 10.6 million tonnes of pellets, a 2% increase compared to 2017, ranking it as the 3rd largest exporter of pellets to the global steel industry with a market share of approximately 8%. Ferrexpo has a diversified customer base supplying steel mills in Austria, Germany, Japan, South Korea, Taiwan, China, Slovakia, the Czech Republic, Turkey, Vietnam and America. Ferrexpo has a premium listing on the main market of the London Stock Exchange. Since its IPO in 2007, the Group has paid approximately US$658 million in dividends to shareholders, invested over US$2.4 billion of capital into its operations and paid US$761 million in taxes and royalties to the Ukrainian government.  For further information, please visit www.ferrexpo.com

 

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