The Board has approved the restructuring of Delegate CEOs at mining divisions, in order to assign the functions currently carried out by the two Delegate CEOs of the Manganese and Nickel divisions to a single Delegate CEO.
Philippe VECTEN will, therefore, henceforth undertake responsibility as Delegate CEO of the Nickel division, in addition to his responsibilities as Delegate CEO of the Manganese division. Members of the Nickel division’s management committee now report to him, effective immediately.
In the difficult economic situation that has prevailed for several months, our two mining divisions have been hit simultaneously by the same phenomenon of substantially lower prices, which is seriously affecting our profits. The same approach has been defined for both divisions: suspension of major projects, reduction of investment, continuation of cost-cutting, and boosting productivity.
The purpose of appointing a single Delegate CEO for the mining divisions is to improve the efficiency and coordination of implementation of their strategy.
This decision does not affect the organisational structures of the two mining divisions.
Chairman and Chief Executive Officer