Ferrexpo falls as interim CEO appointed

The price of shares in miner Ferrexpo (LON:FXPO) has dropped by 2.74% to 129.80p (as of 11:10 GMT) after CEO Kostyantin Zhevago informed the board that he would be stepping down temporarily to focus on his Ukranian legal difficulties. The firm’s CFO Chris Mawe will be acting as Interim CEO in addition to retaining the responsibilities of his current role.

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