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Ferrexpo's proposed new director to become next chairman

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Ferrexpo's proposed new director to become next chairman

said April 13 that it willpropose the election of Stephen Lucas as an independent nonexecutive director whenthe company holds its annual group meeting on May 19.

Lucas is a charteredaccountant with long and wide-ranging financial experience as an executive and nonexecutivedirector in the energy and extractive industries.

If elected, Lucaswill succeed Michael Abrahams, who has been the company's chairman since 2007. Abrahamswill seek re-election at the meeting in order to facilitate a handover after a fewmonths.

Lucas will alsobe joining a subcommittee responsible for reviewing matters related to Bank F&Cheaded by Malcolm Field, if he gets elected.

"I am verypleased that the board is recommending [Lucas] for election as a director at theannual group meeting. He brings with him an excellent combination of financial,emerging markets and natural resources experience which should enable him to provideeffective leadership to the board," said Abrahams.