Posted By Global Banking and Finance Review
Posted on January 21, 2025
PARIS (Reuters) - Christel Bories will step down as chief executive of French mining group Eramet in May while remaining chairwoman, the company said on Tuesday.
Bories, CEO since 2017, has overseen a shift in Eramet's strategy towards minerals used for electric vehicle batteries, notably by developing a lithium mine in Argentina that began production at the end of last year.
Eramet expects to announce Bories' successor as CEO by the end of the first quarter, thereby separating the chief executive and chairperson roles, it said in a statement.
Eramet shares fell more than 2% in opening trade following the announcement.
The changes will be proposed to Eramet's shareholders at the group's annual meeting on May 27.
Bories told reporters on a call that it was her decision to relinquish the CEO role to devote more time to personal projects, adding she had no health issues and had the full support of the board.
The separation of the CEO and chair roles had been raised by Eramet in 2021 amid tensions over Bories' renewal. The company's largest shareholder, the Duval family, initially opposed extending her mandate before agreeing with the French state to back Bories.
A change of CEO made sense as Eramet was set for a new period in its development after expanding mine production rapidly in recent years, Bories said.
Sluggish Chinese demand remained a challenge for the mining sector, with the downcycle contributing to discussions over consolidation in the industry, she said.
Eramet in October sharply reduced its production targets for 2024, partly due to weaker Chinese demand and a reduced permit for nickel output in Indonesia.
(Reporting by Gus Trompiz)