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Steel producer ArcelorMittal’s [JSE:ACL] share price dropped more than 16% on the news that its chief financial officer Dean Subramanian has given notice of his resignation.
ArcelorMittal’s stock was trading at R2.70 just before the notice was issued to shareholders on Tuesday afternoon. The share price dropped 35c thereafter to an intraday low of R2.35.
By15.53 the share price recovered to trade 7.14% lower at R2.60.
Subramanian who is also an executive director, will step down on July 31, 2018 when his resignation comes into effect.He will pursue an opportunity outside of the company, the notice read.
“Mr Subramanian would as at July 2018 have served a term of approximately three years as the Chief Financial Officer and Executive Director and has during this time made a significant contribution to the company.
“The process to find a successor will commence immediately and the company will consider appropriate internal and external candidates,” the notice read.
Shareholders will be notified when Subramanian’s replacement is found.
Subramanian is a chartered accountant who had previously worked at EY, and was previously a finance director in Aveng Steel, part of construction and engineering company Aveng. He also held positions in the banking, airline and property industry, according to ArcelorMittal’s website.
Fin24
previously reported that ArcelorMittal’s CEO Wim de Klerk retired at the end of
January 2018. De Klerk had taken over in May 2016 when the company as battling
cheap imports and rising costs. Kobus Verster replaced De Klerk.
