Bumi Plc appoints new chairman, CEO, CFO
Wednesday, March 28 2012 - 02:17 AM WIB
London listed Bumi Plc has appointed former President Director of PT Borneo Lumbung Energi & Metal Tbk (Borneo Lumbung) Samin Tan as new Chairman on March 26, 2012.
"I would like to assure all of our stakeholders that as Chairman of Bumi plc, together with the Board and executive team, we will work tirelessly to deliver on the achievement of our key objectives and drive increased shareholder value as well as rolling out best practice corporate governance. The management changes will strengthen our team and also increase the presence of key executives in London. I have every confidence that we have the capacity to deliver on our stated goal of becoming the leading FTSE thermal coal company," said Tan in a statement.
The Group has also appointed current PT Bumi Resources Tbk (PT Bumi) Commissioner Nalin Rathod as Chief Executive Officer replacing Ari Hudaya, who will remain on the Board as a Non-Executive Director.
"We have met our production targets for the year, despite high levels of rainfall in the first quarter, which impacted output. Costs have been well maintained, with fuel being the major pressure point but this was more than offset by higher coal prices. We are implementing a number of new initiatives across the Group to optimize productivity. In terms of our expansion plans I am pleased to report that we have made excellent progress and are on track to deliver 23 million tons of production from PT Berau and 75 million tons for PT Bumi in 2012, a significant increase," said Rathod.
The Group also appointed current Borneo Lumbung Director Scott Merrillees as Chief Financial Officer replacing Andrew Beckham.
The Group has on Tuesday March 27 released a full year financial result, stating to have booked US280 million worth of operating profit throughout 2011.
Editing by Er Audy Zandri