JOHANNESBURG (miningweekly.com) – LSE- and Nasdaq-listed chrome miner and minerals producer Ruukki Group announced on Tuesday that it would undergo an extensive restructuring to better align it with the scope of the company's current operations and prevailing market conditions.
As part of this reshuffle, both the company's board of directors and executive management team would be downsized.
The company said in a statement that current CEO Thomas Hoyer, as well as corporate affairs GM Markus Kivimäki and finance GM Kalle Lehtonen would vacate their positions.
Additional members of the board set to leave include Chris Pointon, Paul Everard, and Barry Rourke.
The resigning executives would remain with the company for a period of not less than three months to ensure a smooth handover of responsibilities, while Hoyer would continue as CEO until a new board of directors was selected at the company’s extraordinary general meeting to be held on February 11 in Finland.
The company would also undertake a review of its cost base with a view to identifying other restructuring opportunities, including larger structural and organisational developments.
It added that one of the available options was to locate the current head office and support functions in one location.