Ferrexpo PLC Lucio Genovese appointed Chairman of Ferrexpo (0210X)
25 August 2020 - 4:00PM
UK Regulatory
TIDMFXPO
RNS Number : 0210X
Ferrexpo PLC
25 August 2020
25 August 2020
FERREXPO PLC
("Ferrexpo" or the "Company" or the "Group")
Lucio Genovese appointed Chairman of Ferrexpo
Further to its announcement on 28 May 2020, the Company is
providing an update on the composition of its Board of Directors
(the "Board").
The Board is pleased to announce that Lucio Genovese, an
existing Non-executive Director of the Company, will today become
Chairman of the Board in place of Steve Lucas, who will retire from
the Board and step down from the role of Chairman as previously
announced following the Annual General Meeting on the 28 May 2020.
Mr Genovese has had a long association with the Company and
re-joined the Board in February 2019. Following a detailed search
and benchmarking process led by the Nominations Committee and
involving external consultants, the Board has determined that Mr
Genovese is the appropriate person to replace Mr Lucas. Having
completed this process, and having already worked with Mr Genovese,
the Board is confident he has the required skills and experience to
be an effective Chairman.
With this Board change, at least half the Board excluding the
Chairman will comprise Independent Non-executive Directors as
required by the UK Corporate Governance Code (the "Code").
Due to the various roles Mr Genovese has had with the Company
and its subsidiaries over the last 9 years, he will not be
considered independent at the time of his appointment as Chairman
as required by the rules of the Code. The Board are satisfied,
however, that he is fully independent from all the Company's
shareholders and has been during his entire tenure as a
Non-executive Director.
As noted in the Company's 2019 Annual Report and Accounts, the
Nominations Committee is already seeking to make a further
appointment of a suitable Independent Non-executive Director to
strengthen the Board and relevant Board Committees. An additional
process to appoint a further new Independent Non-executive Director
has commenced and is being led by the Nominations Committee.
The Board of Ferrexpo remains committed to maintaining strong
levels of corporate governance practices and transparency
throughout the Group.
Jim North, Acting Chief Executive Officer and Executive
Director, said:
"The Board and management of the Company would like to thank
Steve Lucas for his leadership and guidance over the past four
years. Through his extensive experience, he has helped lead the
Company to the strong position it is in today. In succeeding Steve,
Lucio Genovese brings a deep understanding of the Company, and over
30 years of experience of the mining and metals sectors, including
through his current positions on the boards of Mantos Copper and
Nevada Copper Inc. and until recently also as Chairman of Firestone
Diamonds.
For further information contact:
Ferrexpo:
Rob Simmons +44 207 389 8305
Maitland:
James Isola +44 207 379 5151
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 over 40 years. In
2019, the Group produced 10.5 million tonnes of pellets, ranking it
as the 3(rd) largest exporter of pellets to the global steel
industry with a market share of approximately 8%. Ferrexpo has a
diversified customer base supplying premium 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. For
further information, please visit www.ferrexpo.com
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END
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