Polish Miner KGHM Keeps Wirth at the Helm-Shanghai Metals Market

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Polish Miner KGHM Keeps Wirth at the Helm

Industry News 09:39:31AM Jun 28, 2012 Source:SMM

KRAKOW, June 27 (Reuters) - Polish copper miner KGHM will keep Herbert Wirth as its chief executive for a second term, the company said on Wednesday.

Wirth, who engineered the C$3 billion ($2.9 billion) purchase of Canadian rival Quadra FNX to expand KGHM's international presence, required the board to renew his mandate after three years at the helm.

The supervisory board also appointed five executives to its management board, KGHM said in a statement.

Some media had speculated that the Treasury Ministry, which oversees state assets and controls KGHM, was looking to replace Wirth because of differences over strategy.

At the annual shareholders meeting on Thursday, the ministry is expected to push for a dividend higher than the 17 zlotys ($4.98) per share proposed by management. ($1 = 1.0283 Canadian dollars) ($1 = 3.4128 Polish zlotys)
 

Key Words:  copper miner KGHM 

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Polish Miner KGHM Keeps Wirth at the Helm

Industry News 09:39:31AM Jun 28, 2012 Source:SMM

KRAKOW, June 27 (Reuters) - Polish copper miner KGHM will keep Herbert Wirth as its chief executive for a second term, the company said on Wednesday.

Wirth, who engineered the C$3 billion ($2.9 billion) purchase of Canadian rival Quadra FNX to expand KGHM's international presence, required the board to renew his mandate after three years at the helm.

The supervisory board also appointed five executives to its management board, KGHM said in a statement.

Some media had speculated that the Treasury Ministry, which oversees state assets and controls KGHM, was looking to replace Wirth because of differences over strategy.

At the annual shareholders meeting on Thursday, the ministry is expected to push for a dividend higher than the 17 zlotys ($4.98) per share proposed by management. ($1 = 1.0283 Canadian dollars) ($1 = 3.4128 Polish zlotys)
 

Key Words:  copper miner KGHM