Ferrexpo appoints North permanent CEO
Ukraine’s largest iron ore pellet exporter Ferrexpo (FXPO LN) appointed Jim North as permanent CEO, the company reported in a Feb. 15 release.
North has been acting CEO at Ferrexpo since May 2020 and the company’s COO since 2014, the release said, adding that Ferrexpo’s board has incorporated feedback from a variety of stakeholders in making the decision to appoint North as permanent CEO.
During North’s time as acting CEO, the company achieved several notable results, according to the release. Ferrexpo announced Wave 1 of its capacity expansion project, decarbonization targets, shareholder returns policy, and secured its first long-term contact for DRI pellets.
Dmytro Khoroshun: Ferrexpo’s May 26 AGM might show an increase in the support for its board among independent shareholders.
This support demonstrated serious weakness in 2021 and 2020, but North’s permanent appointment and the recent strengthening of the board might signify a turnaround in Ferrexpo’s corporate governance practices.