In response to fraud-related losses in the hundreds of millions, Hamburg-based copper producer Aurubis is undergoing significant leadership changes. On Monday evening, the company confirmed that three out of four executive board members, including CEO Roland Harings, will step down. This move follows “advanced talks” with the supervisory board about terminating their positions.
Harings, along with CFO Rainer Verhoeven and Chief Production Officer Heiko Arnold, will leave the executive board by February, June, and September of next year, respectively. Despite the impending departures, Aurubis stated that these executives will continue fulfilling their duties until their exit dates.
The supervisory board initiated an investigation into the leadership’s role in connection with multiple cases of fraud and theft that caused significant financial damage. These incidents included a €169 million shortfall in metal stock discovered during regular checks, resulting in manipulated samples and over-invoicing.
As a result, the company reported a 33% drop in earnings before interest and taxes (EBT) to €349 million for the fiscal year 2022-23, with revenue falling nearly 8% to €17.1 billion. Despite these challenges, Harings emphasized that security measures have since been strengthened to prevent future incidents.
A final decision on the leadership changes is expected to be made by the supervisory board on Tuesday.
