LONDON (Alliance News) - International Ferro Metals Ltd on Wednesday said Chief Executive Chris Jordaan will step down and become a non-executive director, with effect from May 31.
International Ferro said Jordaan will oversee the operations of the company's South African subsidiary, which fell into insolvency last year and for which the business rescue plan was approved last week.
The company said that given its day-to-day activities are currently "limited", it does not intend to appoint a new CEO in the short term.
International Ferro shares are currently suspended.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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