Ukraine’s iron ore pellet producer Ferrexpo announced that the company’s CEO Kostyantin Zhevago will step aside. According to the statement, he has decided to temporarily leave the position as he needs to focus on certain issues regarding an asset in Ukraine which he owned until 2015.
The board of directors has appointed CFO Chris Mawe, who has served 11 years at Ferrexpo and has been involved in many strategic initiatives, as acting CEO immediately.
Kostyantin Zhevago owns the majority stake of the Ferrexpo (50.3 percent) and will remain on the board as a non-independent, non-executive director.