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(Sharecast News) - Refractory products and services group RHI Magnesita said on Tuesday that chief executive Stefan Borgas will step down at the end of October and retire from executive roles, with Gustavo Franco appointed to succeed him from 1 November.
Franco, who joined Magnesita in 2001, has more than 20 years' experience in the refractory industry and has held senior technical, commercial and leadership roles across multiple regions. He played a key part in the commercial integration of RHI and Magnesita following their 2017 merger and has served on the executive management team since 2019.
As chief customer officer, he currently oversees the group's global commercial organisation, including customer relationships, regional performance and procurement and supply chain functions.
RHI Magnesita said the leadership transition formed part of a longterm succession plan, with Borgas and Franco set to work through a structured handover ahead of the November changeover. Borgas will remain available as an adviser thereafter.
Chairman Herbert Cordt said: "The board is delighted to appoint Gustavo as chief executive officer. His extensive industry experience, deep knowledge of RHI Magnesita and its customers, and strong track record within the Group make him ideally placed to lead the business through its next phase of development.
"On behalf of the board, I would like to thank Stefan for his outstanding contribution over the past decade. Under his leadership, the merger of RHI and Magnesita created the global leader in refractories, establishing a stronger, more diversified and more resilient business."
As of 1000 BST, RHI Magnesita shares were dowm 0.30% at 2,906.25p.
Reporting by Iain Gilbert at Sharecast.com
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