New World Resources Plc (‘NWR’ or the ‘Company’) announces revisions to the composition of the Board of Directors of NWR (the ‘Board’) and associated management changes.
The Company is pleased to announce the appointment of Mr. Jan Fabian as CEO and Chairman of the Board of Czech coal subsidiary OKD a.s. (‘OKD’), effective 1 January 2013. As of the same date, Mr. Fabian will also join the Board of NWR. Mr. Fabian’s appointment follows a decision by Mr. Beck to retire from his role as CEO of OKD, a position that he has held since 1 July 2007. Following his resignation from OKD, Mr. Beck will become a Non-Executive Director of the Company.
As announced in June, Mr. Gareth Penny has joined the Board as Chairman-Elect and will become Executive Chairman on 1 October, succeeding Mr. Mike Salamon whose retirement from the Board of Directors of NWR becomes effective on 30 September 2012. Mr. Salamon has been a Director and Executive Chairman of the Board of NWR since 8 April 2011. He has also served as a director and executive chairman of the board of directors of New World Resources N.V. since 1 September 2007, and will be resigning from this position, as of 30 September 2012.
Commenting on the Board changes, Mr. Penny, Executive Chairman Elect, commented:
“I welcome Jan to the Board following his appointment as CEO of our coal mining subsidiary OKD and I am delighted that Klaus will continue to make a contribution to the Board in his new role as a Non-Executive Director and ensure a smooth transition of responsibilities.
“Jan has a thorough understanding of our assets and during his four years as COO of the Company he has been an important part of our successful relations with a broad range of stakeholders including customers, employees, our community and the Company’s shareholders.
“During his five years as CEO of OKD, Klaus has successfully delivered a transformation of our assets and working standards. In improving safety, maintaining production and controlling costs, Klaus has highlighted the fact that well-run operations with disciplined procedures ultimately reward investors, employees and the communities affected by our operations.
“Mike Salamon has led the Board and the Company through a succession of major strategic milestones over the past five years. The completion of the IPO, reincorporation, meaningful investment in new mine infrastructure and adoption of new methods, the attraction and retention of talent at all levels of the Company are just part of his legacy. On behalf of the Board we wish him all the best.”
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New World Resources Plc is one of Central Europe’s leading hard coal and coke producers. NWR produces quality coking and thermal coal for the steel and energy sectors in Central Europe through its subsidiary OKD, the largest hard coal mining company in the Czech Republic. NWR's coke subsidiary OKK, is Europe's largest producer of foundry coke. NWR currently has several development projects in Poland and the Czech Republic, which form part of NWR's regional growth strategy. NWR is a FTSE 250 company, with listings in London, Prague and Warsaw.