Eramet’s finance chief steps aside temporarily, days after CEO ouster
French miner Eramet’s finance chief Abel Martins-Alexandre has stepped aside temporarily during a probe into management methods, a company spokesperson said on Friday, days after Eramet ousted its chief executive.
“Eramet confirms that an interim management has been put in place in its finance department while its CFO steps aside temporarily during an investigation into management methods,” the spokesperson told Reuters.
CEO Paulo Castellari’s dismissal on Sunday was due to coordination issues with the board and staff, rather than the company’s financial results, Chair Christel Bories said previously.
The Financial Times, which first reported the news on Friday, said Martins-Alexandre, who joined the company in September and was considered close to the ousted CEO, had been on sick leave after Castellari’s exit.
Castellari’s ouster just months into his term raised questions over governance at the nickel, manganese and lithium miner, which is partly owned by the French state. Shares of the company are down nearly 8% this week.
The FT, citing sources, said Castellari’s dismissal and Martins-Alexandre’s suspension are not related to any allegations of wrongdoing.
Martins-Alexandre and Bories did not immediately respond to requests for comment.
The FT report added that Castellari and Martins-Alexandre had in recent weeks been setting up an internal task force to look into potential financial mismanagement within the group in recent years
Eramet has cited weakness in metal prices and production setbacks at some of its mines for declining results in the past year.
(By Abu Sultan and Gus Trompiz; Editing by Vijay Kishore and Will Dunham)
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