(Alliance News) - Ferrexpo PLC on Thursday announced the appointment of Roman Palyvoda as interim finance chief as it continues to grapple with issues in Ukraine.
Palyvoda joined the FTSE 250 iron ore pellet firm in 2008 as group management accountant, having previously worked at French car maker Renault SA.
Acting Chief Executive Chris Mawe said: "I'm delighted Roman has agreed to take on this role which is a natural fit given his extensive financial experience within the group and his role in the finance team.
"I look forward to continuing to work closely with him."
As a temporary appointment, Palyvoda will not be joining Baar, Switzerland-based Ferrexpo's board.
This follows the temporary stepping aside at the end of October of Chief Executive Kostyantin Zhevago, who remains as a non-executive director. Chief Financial Officer Mawe was made acting CEO at the same time.
Zhevago, Bloomberg reported earlier in October, is wanted by Ukrainian investigators after failing to report for questioning about former business activities. They believe he has committed "large-scale" money laundering and embezzlement, Bloomberg added.
Zhevago "strongly denies any allegations of wrongdoing", Ferrexpo had said in response.
However, it was decided he should temporarily give up leadership of the company to focus on these matters.
Ferrexpo also has been grappling with an investigation into the use of funds the company gave to Ukrainian charity Blooming Land.
Ferrexpo shares were 2.0% lower in London on Thursday at a price of 127.50 pence each, and have more than halved since April.
By George Collard; georgecollard@alliancenews.com
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