UKRAINE-FOCUSED miner Ferrexpo yesterday said Jim North will step down as chief executive officer.

The change will be effective from 30 June, after North's nine years with the group. He is leaving to pursue other opportunities.

The mining group announced that board chair Lucio Genovese will act as executive chair on an interim basis and assume leadership of the company from 1 July.

The change comes as Ferrexpo has had to scale down production in Ukraine since its conflict with Russia led to severe logistical constraints and damages to Ukraine's electrical infrastructure.

Ferrexpo also said chief financial officer Nikolay Kladiev will become an executive director of the group with effect from 25 May, when its annual general meeting ends.

Ferrexpo reported a slump in its full-year profit in March, as the miner took a hit from higher costs and lower production volumes.

Ferrexpo is the world's third-largest exporter of iron ore pellets.

Shares finished up 1.58 per cent yesterday.

(c) 2023 City A.M., source Newspaper