10:07 28.10.2019

Zhevaho temporarily leaves post of Ferrexpo CEO until accusation against him refuted

2 min read
Zhevaho temporarily leaves post of Ferrexpo CEO until accusation against him refuted

Ex-owner of bank Finance and Credit Kostiantyn Zhevaho has decided to step aside from his position of Chief Executive Officer (CEO) of the group, the majority shareholder of which he is.

"Mr Kostiantyn Zhevaho has informed the Board of Ferrexpo 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," Ferrexpo said in a report posted on the London Stock Exchange (LSE) on Monday.

According to the report, the board has appointed Chris Mawe, Chief Financial Officer, to Acting Chief Executive Officer of the group. Mawe will take over all executive responsibilities of Zhevaho in addition to his existing financial responsibilities.

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, Zhevaho will remain on the Board as a non-independent, non-executive director.

These changes will take effect immediately and until further notice.

"The Board, including Mr Zhevaho, believes that this temporary change of leadership is necessary and in the interests of all shareholders to enable Mr Zhevaho to focus on on-going matters in Ukraine without impacting the Company's operations. Mr Zhevaho 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," Non-executive Chairman of the Board Steve Lucas said.

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