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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
Paying the grandkids’ school fees could generate a shock IHT billPrivate school fees have soared as a result of the government’s VAT policy, meaning more grandparents are helping out – but what are the tax implications?
-
Number of savings deals hits record high – as interest rates slump to two-year lowSavers have more choice than ever when it comes to choosing a savings account or cash ISA. But, the interest rates on offer continue to fall. What’s next for the savings market?
