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PeopleNovachuk steps up to chief executive role at Kazakhmys
Oleg Novachuk is to step up from finance director to chief executive of Kazakhmys, the FTSE 100 miner. Novachuk will assume the post on 15 March following the completion of the company’s year end activities.
He succeeds Yong Keu Cha, who stepped down as chief executive on 31 December. The position of finance director will be taken up by Matthew Hird, currently financial controller and company secretary.
Hird will, however, not be immediately joining the board of Kazakhmys because, the company said, it already had three executive directors on its board. These are the executive chairman, Vladimir Kim; Novachuk and strategy director, David Munro.
Novachuk’s appointment is a welcome move towards corporate governance best practice, said Lombard in the Financial Times (25 January), leaving Kim’s lack of independence the company’s only gap in compliance.
This year Kazakhmys has to decide whether to buy a 25% stake in Eurasia Natural Resources from Kim, and Lombard argued that to have made such a decision when the board was lacking proper oversight would have led to suspicions about the chairman’s influence. However, said Lombard, as things now stand shareholders are right to allow the company to ignore the Combined Code’s guidance on the proposed sale.
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