Germany’s Aurubis has announced the appointment of Toralf Haag as its new chief executive, effective September 1. Additionally, Tim Kurth, currently the managing director of the Bulgarian branch, will take on the role of Chief Operations Officer for custom smelting, the company stated on Thursday.
In January, the copper producer revealed it had agreed to terminate the contracts of its chief executive and chief financial officers amid a top-level reshuffle due to their handling of an alleged theft and fraud incident.
Aurubis shares experienced a significant uptick, rising by 4.67% as of 1444 GMT and trading up 7.2% as of 1226 GMT, hours before the official announcement.
A local analyst attributed the early rise in share price to a report by German business publication Manager Magazin, which mentioned that major shareholder Salzgitter had previously explored the possibility of acquiring more shares in Aurubis. The report stated that Salzgitter had enlisted two investment banks to “calculate the project.” However, Salzgitter reaffirmed it currently has “no interest” in taking over Aurubis, according to the magazine.
