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25 Aug 2020 | 07:35

Ferrexpo appoints Lucio Genovese as chairman

(Sharecast News) - Ferrexpo has appointed company insider Lucio Genovese as chairman to replace Steve Lucas in a move that goes against UK corporate governance rules. Genovese has taken over immediately from Lucas who announced his decision to step down at the FTSE 250 company in May. Genovese is a non-executive director of Ferrexpo and rejoined the board in February 2019. He was previously a non-executive director from 2007 to 2014.

Ferrexpo said Genovese's long association with the company and its subsidiaries means he is not considered independent according to the UK's governance code. It said he was independent from the company's shareholders and had been during his time as a director.

"Following a detailed search and benchmarking process led by the nominations committee and involving external consultants, the board has determined that Mr Genovese is the appropriate person to replace Mr Lucas," Ferrexpo said. "Having completed this process, and having already worked with Mr Genovese, the board is confident he has the required skills and experience to be an effective chairman."

Excluding Genovese at least half of Ferrexpo's board is independent under the governance code and the nominations committee is looking for another independent non-executive, the company said.

Genovese is a former Glencore executive. He is on the boards of Mantos Copper and Nevada Copper and was chairman of Firestone Diamonds until recently.

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