New Chairman appointed at Kazakhstan-focused miner ENRC

FTSE 100-listed diversified natural resources group Eurasian Natural Resources Corporation (ENRC) has appointed Gerhard Ammann as Acting Chairman with immediate effect.

FTSE 100-listed diversified natural resources group Eurasian Natural Resources Corporation (ENRC) has appointed Gerhard Ammann as Acting Chairman with immediate effect.

The appointment follows the decision of Mehmet Dalman to step down. Ammann will retain the executive responsibilities previously held by Dalman.

Ammann has been an independent Non-Executive Director of the group for more than five years and currently chairs the Investment Committee, as well as sitting on the Health, Safety, Environment and Community Committee.

Prior to joining the board of ENRC Ammann was Chairman and Chief Executive Officer of Deloitte in Switzerland and has over 30 years of experience as an auditor of international companies, primarily in banking, finance and international trade, the group said.

The group also announced that Professor Dieter Ameling and Sir Paul Judge would not be standing for re-election as directors of the group at the annual general meeting on June 5th 2013.

Ammann, Acting Chairman of ENRC said: "I would like to express the group's thanks to Mehmet Dalman, who has been one of our longest standing directors. Prior to becoming Chairman of the group, Mehmet oversaw all of the group's acquisitions as Chairman of the Mergers and Acquisitions Committee.

"His initiatives to improve corporate governance have established a foundation on which we can build in the weeks and months ahead. I would also like to express gratitude to Dieter Ameling and Paul Judge for their contributions to the group during their tenures. I have a clear mandate from the board. My role is to work efficiently with internal and external stakeholders to draw a line under the past, allowing the true potential of the group's excellent asset base to be realised and contribute to a more appropriate valuation."

Dalman said: "I believe I have achieved all that I can as Chairman of ENRC and it is therefore appropriate to hand over the reins to new leadership. I am confident that the interests of the minority shareholders will be well served by strong non-executive Directors."

Ammann's appointment will be submitted to shareholders for approval at the group's AGM on June 5th 2013.

The appointment comes just five days after the board of ENRC issued a public statement on its website in response to an announcement by shareholder Alexander Machkevitch.

The announcement stated: "The board of ENRC notes the announcement earlier today from Mr Alexander Machkevitch that he is in the preliminary stages of forming a consortium to assess a potential offer for the company. The board confirms that it has not received any proposal which could result in an offer or possible offer for the group."

MF

Recommended

The top funds to invest in
Funds

The top funds to invest in

Investors continue to favour passive funds in April though figures reveal an actively managed money market fund also caught their eye. We look at wher…
3 May 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
20 Apr 2023
Best junior stocks and shares ISA platforms
Isas

Best junior stocks and shares ISA platforms

A junior stocks and shares ISA is a great way to save for your child tax-efficiently. But it can be confusing deciding which investment platform to ch…
28 Mar 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023

Most Popular

June’s NS&I Premium Bond prize draw - are you this month’s millionaire?
Savings

June’s NS&I Premium Bond prize draw - are you this month’s millionaire?

Two fortunate NS&I Premium Bond winners are now millionaires. Find out here if you’re one of them.
1 Jun 2023
The best one-year fixed savings accounts - June 2023
Savings

The best one-year fixed savings accounts - June 2023

You can now earn 5% on 1 year fixed savings accounts - the best rate seen in 14 years. We have all the latest rates available now.
2 Jun 2023
The top healthcare funds to buy
Investments

The top healthcare funds to buy

Increasingly rapid progress in drugs and healthcare technology makes these trusts top tips, says Max King.
1 Jun 2023