World’s leading producer of silicon metal Ferroglobe, and a leading silicon– and manganese-based specialty alloys producer, announced today that Alan Kestenbaum has resigned as Executive Chairman of the Ferroglobe PLC Board of Directors, effective December 31, 2016. The Board has unanimously voted to appoint Javier Lopez Madrid, currently Vice Chairman of the Board, to succeed Mr. Kestenbaum as Executive Chairman.
Mr. Kestenbaum and Mr. Lopez Madrid will work closely to ensure a smooth transition and Mr. Kestenbaum, as Senior Advisor, will serve as an independent consultant to the Board and to management on strategic and business-critical matters.
“On behalf of the entire Board and management team, I want to thank Alan for his innumerable contributions to this company,” said Mr. Lopez Madrid. “Alan has been instrumental in the growth and success of Globe Specialty Metals and subsequently the successful merger with FerroAtlántica to create Ferroglobe, a premier global, diversified player in the silicon metal industry. While Alan is resigning as Executive Chairman, we will continue to benefit from his knowledge, deep industry expertise and strategic vision in his role as Senior Advisor.”
“I founded Globe Specialty Metals nearly 13 years ago and am immensely proud of all that we have accomplished to date,” said Mr. Kestenbaum. “We have successfully completed the integration after the merger that took place a year ago, and I am confident we have the right team in place to lead Ferroglobe into its next phase of growth. I look forward to supporting Javier, Pedro and the rest of the management team and the Board as they continue to execute on the strategic priorities for the business and maximize returns for all of our shareholders.”
Mr. Kestenbaum is a significant shareholder of the company and intends to remain so in the future.
Javier Lopez Madrid has been Executive Vice Chairman of Ferroglobe PLC and previously Vice Chairman and CEO of FerroAtlántica, since its formation 25 years ago, and played a critical role in the success of the company as it grew to become the leading manufacturer of silicon metals worldwide. He holds a Master’s in Economics and Master’s in Law, ICADE University, Spain. He is currently Managing Director of Grupo Villar Mir, one of the top family-held industrial conglomerates in Europe.