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AMG Announces Changes to the Composition of its Supervisory Board and Nominates its CEO for Re-Appointment When His Term Ends in 2019

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Overig advies 07/03/2018 18:18
Amsterdam, 7 March 2018 (Regulated Information) --- The Supervisory Board of AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") resolved during its meeting on March 7th, 2018 to make the following changes to its composition and to nominate Dr. Heinz Schimmelbusch as CEO for an additional term of two years when his current term expires in 2019.

Supervisory Board Composition
At the Annual General Meeting ("AGM") in May 2018, Mr. Norbert Quinkert and Mr. Guy de Selliers will have both served eleven years on the Supervisory Board of AMG when their current terms end. Both gentlemen have indicated that they wish to retire from the Supervisory Board in May 2018, given other priorities and the term limits for Supervisory Directors of the new Code. The Supervisory Board is deeply grateful for the long service and dedication to AMG by Messrs. Quinkert and de Selliers.

Before becoming Chairman in 2015, Mr. Quinkert was a long-serving member of AMG's Selection & Appointment Committee and has been a major contributor to the excellent quality of AMG's current leadership team. As Chairman, Mr. Quinkert successfully guided AMG through a challenging period during the past three years.

Mr. de Selliers has served throughout his tenure at AMG as a highly respected member of AMG's Audit & Risk Management Committee and has been an important force in establishing AMG's state of the art risk management system.

The Supervisory Board thanks both gentlemen for their valuable insights and contributions and wishes them well in their future endeavors.

Mr. Robert Meuter has also indicated that he wishes to step down at the AGM 2018 after having served three years. Mr. Meuter feels that his mandate has ended and wishes to prioritize other engagements. The Supervisory Board respects and accepts Mr. Meuter's decision and thanks him for his valuable insights and contributions and wishes him well in his future endeavors. Mr. Meuter will continue to advise the Company on specific banking & finance matters in the forthcoming year, if so requested.

Dr. Donatella Ceccarelli will have served four years on the Supervisory Board in May 2018 and AMG is very pleased to announce that Dr. Ceccarelli will make herself available for re-appointment for a term of four years at the AGM in May of this year.

Given the retirement of Mr. Quinkert as member and Chairman of the Supervisory Board in May 2018, AMG is pleased to announce that the Supervisory Board has appointed Mr. Jack Messman, currently Vice-Chairman, as successor to Mr. Quinkert as Chairman of the Supervisory Board as of May 2nd, 2018 after the AGM. Mr. Messman's term as member of the Supervisory Board ends in 2019. The Supervisory Board has further resolved to appoint Mr. Willem van Hassel as Vice-Chairman, as of May 2nd, 2018 after the AGM, succeeding Mr. Messman. Mr. van Hassel's term as member of the Supervisory Board ends in 2021.

The Supervisory Board has further resolved that it will reduce the size of the Supervisory Board from nine to six members, effective May 2nd, 2018. The Supervisory Board believes that with its new composition, it will continue to cover the necessary areas of expertise as set forth in AMG's Supervisory Board profile.

Management Board Composition

The Supervisory Board has reviewed the respective terms of the three Management Board members who all received high praise at their annual evaluation by the Supervisory Board in November of last year. The term of the CEO and Chairman of the Management Board (Dr. Schimmelbusch) will expire in 2019. The term of the CFO (Mr. Dunckel) will expire in 2020, and the term of the COO (Mr. Jackson) will expire in 2021.

AMG is in a critical phase of its development. The expansion of lithium and tantalum operations in Brazil, as well as the related new credit facilities and continued recognition of AMG as investment opportunity or strategic partner, demand a stable corporate atmosphere with clear continuity in leadership and strategy.

The Supervisory Board evaluates on an ongoing basis the scope and composition of the Management Board and the succession of the members of the Management Board. The Supervisory Board recognizes that in meetings with investors and banks relating to strategic issues for AMG and its business, questions were asked about the leadership continuity.

AMG's current CEO, Dr. Heinz Schimmelbusch, is one of the incorporators of AMG and the intellectual designer of AMG's successful strategy. His appraisals have all been excellent and, where needed, he has demonstrated ample and continuous innovation and agility.

The Supervisory Board has therefore concluded that it is of utmost importance that AMG secure his leadership for the coming years as CEO and Chairman of the Management Board, given the transformational change the Company is currently executing.

As a result, the Supervisory Board announces that it will nominate Dr. Heinz Schimmelbusch for re-appointment at the AGM in May of this year as CEO and Chairman of the Management Board for an additional two-year term, covering 2020 and 2021, after his current term expires in 2019, to secure AMG's leadership for the next three years and to provide ample time to decide on succession as well as a reasonable induction period for a new incoming CEO.

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

This press release contains regulated information as defined in the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).






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