Mining group Bumi has confirmed that Chief Executive Officer, Nalin Rathod, will step down from the role on December 31st 2012, and be succeeded by Nick von Schirnding on the same day.
The plan was previously announced earlier that month, when the company, which is currently waging war with financier Nat Rothschild, also said it is working towards a plan to separate the group from the Bakrie Group, owned by the powerful Indonesian Bakrie family.
Both Rothschild and the Bakries have put forward a proposal for the future of the company, both of which would separate the two parties.
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Von Schirnding, who joined the company in May 2010, was nominated to his new post by the Bakries. He has previously worked for Anglo American and De Beers.
Bumi shares have fallen 69% over the year.
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