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ArcelorMittal dives on news of CFO exit

May 08 2018 16:09
Lameez Omarjee

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.

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.

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