Mr Kostyantin Zhevago has informed the Board of Ferrexpo (LON: FXPO) 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, FERREXPO 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.
