ARMS to change CEO
Thursday, June 12 2014 - 02:09 PM WIB
London-listed Asia Resources Minerals Plc (ARMS), formerly Bumi Plc, announced on Thursday it will elect Amir Sambodo, currently an independent non-executive director of ARMS and a commissioner of Berau Coal Energy, to be the chief executive, replacing Nick von Schirnding.
The firm said following the successful completion of the separation transaction and the planned return of $465m in cash to shareholders, the company confirms that its focus going forward will be on its sole coal asset, Berau.
?After careful consideration, the Board feels it is appropriate that the role of the Company's Chief Executive should be based in Indonesia. As a result, Nick von Schirnding will not stand for re-election to the Board at the forthcoming Annual General Meeting on 27 June and will be succeeded as Chief Executive on 28 June by Amir Sambodo, currently an Independent Non-Executive Director of ARMS and a Commissioner of Berau. There will be an appropriate transition phase over the coming weeks,? the firm said.
Chris Walton, Chairman of ARMS said: "I wish to thank Nick for his leadership of the Company through a very challenging period. His tenure as CEO has been characterised by a consistent drive to produce tangible results. I also welcome Amir Sambodo as CEO. Amir brings a wealth of experience in both business and government in Indonesia."
Nick von Schirnding, CEO said: "When I took over as CEO at the end of 2012, the Company needed an urgent and substantial overhaul - that job is now done.
Value destruction has been addressed and a solid platform has been built for sustained value creation. I thank the Board of Directors and my management team for their support."
Amir Sambodo said: "I look forward to continuing the process of delivering further cost reductions and operational improvements at Berau, whilst ensuring that we create value for all our stakeholders."
ARMS recently separated itself from PT Bumi Resources, controlled by the Bakrie family after a failed merger.
Editing by Johannes Simbolon