David Faktor, group managing director and head of international
trading at
UK-headquartered Stemcor, the world's largest independent steel trader, has resigned from his post.
Commenting on the motives for the resignation, Patrick Pearson, corporate affairs director at Stemcor, told SteelOrbis that the resignation came more as a result of personal reasons, rather than due to a change in the company's strategy. He added that Mr. Faktor will remain at the company, a new role is to be decided next year and meanwhile he is working on a number of projects relating to international trade. Mr. Pearson confirmed that Stemcor remains committed to its core business of international trade and intends to expand products, geographies and volumes.
The Stemcor corporate affairs director also said that, as a temporary measure, Mr. Faktor's direct reports will report to other members of the main board.
David Faktor joined Stemcor in 1981 as a graduate trainee in London. He worked in Iran and India until moving to Singapore in 1986, becoming managing director of Stemcor (SEA) Pte Limited in 1988. He returned to London in 1999 as managing director of Stemcor
UK Limited and was responsible for the group's
trading activities in the Far East, South Asia, North Africa, the Middle East, South America, the Caribbean and the CIS. He was appointed a director of Stemcor in 1995, managing director international
trading in 2000 and group managing director in 2007.