– SWITZERLAND, Baar – Ferrexpo PLC (LON: FXPO) today announced that Non-executive Director Lucio Genovese will today become Chairman of the Board succeeding Steve Lucas, who will retire from the Board and step down from the role of Chairman as previously announced following the AGM on the 28 May 2020.
“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.” said acting CEO, Jim North.
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.
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.
About Lucio Genovese
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.
About Ferrexpo
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 3rd 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 more information: https://www.ferrexpo.com/
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