REG - Ferrexpo plc - Management and Board Changes

FerrexpoAnnouncement

02/05/2023 07:00

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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         ferrexpo@tavistock.co.uk (mailto:ferrexpo@tavistock.co.uk)     +44 207 920 3150

 Emily Moss                                                                        +44 7785 974 264

 Gareth Tredway

 

 

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 (http://www.ferrexpo.com/) .

 

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