Sherritt appoints finance veteran interim CFO to steer through Cuba challenges
Having warned shareholders of acute financial, legal and operational challenges ahead owing to US sanctions in Cuba last month, TSX-listed Sherritt International Corporation has appointed Fitzroy Richardson as interim CFO effective immediately.
The company explains Richardson’s appointment will provide experienced financial leadership as the corporation works to complete its outstanding quarterly filings, an important step toward seeking a revocation of a failure-to-file cease trade order issued by the Ontario Securities Commission on May 21.
“Richardson brings deep knowledge of Sherritt’s business, strong financial leadership and extensive experience across treasury and international operations. His appointment strengthens our leadership team at an important time providing continuity and support," says Sherritt interim president and CEO Peter Hancock.
Richardson is a seasoned finance executive with nearly 30 years of experience at Sherritt, where he has held a range of senior finance and treasury roles.
Having held a number of senior roles at the company, his latest position has been president of a Sherritt subsidiary called New Providence Metals Marketing.
Sherritt is a world leader in using hydrometallurgical processes to mine and refine nickel and cobalt. The corporation operates a strategically important refinery in Alberta, Canada, recognised as the only significant cobalt refinery and one of just three nickel refineries in North America.
For context, the US administration announced an executive order on May 1, which involved expanded sanctions against Cuba. The company has since suspended its direct participation in joint venture activities in Cuba and is working with stakeholders and advisers to implement appropriate steps to address the US executive order.
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