13th Apr 2016 07:15
LONDON (Alliance News) - Iron ore pellets producer Ferrexpo PLC on Wednesday said Stephen Lucas is set to be appointed as its next chairman.
Ferrexpo said it will propose the election of Lucas as an independent non-executive director at its annual general meeting on May 19. If elected, the intention would be for him to take over as chairman from Michael Abrahams, who has been chairman since 2007.
Ferrexpo said Abrahams will seek re-election at the meeting, in order to facilitate a handover period to Lucas.
Lucas is the former finance director of National Grid PLC, the UK power grid operator, having left t hat role in 2010. Since then, he has been a non-executive on the boards of mid-cap oil explorer Tullow Oil PLC and at miner Acacia Mining PLC.
Ferrexpo shares were up 7.2% to 33.5 pence on Wednesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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