Ferrexpo CEO North Decides To Quit

Jim North, Chief Executive Officer (CEO) and Executive Director of Ferrexpo plc, which controls Poltava Mining and Yeristovo Mining (both located in Horishni Plavni, Poltava region), has decided to quit.

This is stated in the message of Ferrexpo, Ukrainian News Agency reports.

“Ferrexpo … 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,” it was said.

According to the report, the Board Chair, Lucio Genovese, will act as Executive Chair on an interim basis and assume leadership of the Group from July 1, 2023.

Also, the Board of Directors announced 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 annual general meeting of shareholders.

North has served as the Group's CEO since February 2022.

Since May 2020, he has served as acting CEO and since 2014 has been the group's Chief Operating Officer.

As Ukrainian News Agency earlier reported, in 2022, compared to 2021, Ferrexpo reduced the production of pellets by 46% to 6.1 million tons.

In 2022, the company reduced its profit four times or by USD 651 million year over year to USD 220 million, and earnings – twice or by USD 1.27 billion to USD 1.25 billion.

The majority shareholder of the Ferrexpo group is businessman Kostiantyn Zhevaho.