Copper Producer Aurubis Appoints New CEO After Metal Theft
Metals supplier named Toralf Haag to replace Roland Harings following cases of metal theft at a plant in Germany
Aurubis NDA 5.49%increase; green up pointing triangle, one of the world’s largest copper producers, named a new chief executive in a sweeping restructuring of its executive board following cases of metal theft at a plant in Germany.
The metals supplier named Toralf Haag to replace Roland Harings at the helm of the company, and Tim Kurth to succeed Heiko Arnold as chief operations officer for custom smelting, with both appointments effective Sept. 1. Steffen Alexander Hoffmann will take over as chief financial officer from Rainer Verhoeven on Oct. 1.
Earlier this year, Aurubis decided to part ways with Harings, Arnold and Verhoeven by mutual agreement, saying the three executives were taking accountability in light of what it called serious cases of fraud and theft at the Hamburg plant and incidents in occupational safety.
Aurubis last year said it had identified discrepancies in its inventories and shipments of metal, leading the group to conclude that it had been the target of theft. In its financial report for the fiscal year ended Sept. 30, the group said it took a hit of roughly EUR169 million from criminal activities.
German judges recently sentenced an undisclosed defendant to five years and ten months in relation to the metals theft. A former Aurubis employee was handed three years and six months in jail, while all other co-defendants were given penalties of up to four years.
Thursday’s appointments underscore Aurubis’s efforts to turn the page on the theft chapter with a fresh executive board. Aurubis shares in Germany closed 5.5% higher at EUR76.80.
However, the group said its strategic direction and implementation of its growth initiatives will continue unchanged under Haag, who is currently CEO at German manufacturing company Voith Group.