Further to the announcement on 5th June 2018, RHI Magnesita NV (the ‘Company’) confirms that Octavio Lopes stepped down from the Board of Directors of the Company on 31 December 2018 (the ‘Departure Date’).
Details of the treatment of his remuneration on departure from the Company are provided below and will also be published in the 2018 Directors’ Remuneration Report. All treatment is in line with the approved Directors’ Remuneration Policy.
Mr. Lopes received no compensation for loss of office. Following his departure, all salary and benefit payments will cease with the following exceptions:
- As Mr. Lopes worked the whole of 2018, he will receive any bonus in line with performance against the bonus targets, and
- He will receive tax advisory services in respect of his personal tax affairs, the total cost for such services is unlikely to exceed £3,000.
For further enquiries, please contact:
Guy Marks, Head of Investor Relations
Tel +44 7741 730681
Stefan Rathausky, Head of Corporate Communications
Tel +43 50213‐6059
About RHI Magnesita
RHI Magnesita is the global leading supplier of high-grade refractory products, systems and services which are indispensable for industrial high-temperature processes exceeding 1,200°C in a wide range of industries, including steel, cement, non-ferrous metals, and glass, among others. With a vertically integrated value chain, from raw materials to refractory products and full performance-based solutions, RHI Magnesita serves more than 10,000 customers in nearly all countries around the world.
The Company has unmatched geographic diversification with more than 14,000 employees in 35 main production sites and more than 70 sales offices. RHI Magnesita intends to use its global leadership position in terms of revenue, greater scale, complementary product portfolio and diversified geographic presence around the world to target opportunistically those countries and regions benefitting from more dynamic economic growth prospects.
Its shares have a premium listing on the London Stock Exchange (symbol: RHIM) and are a constituent of the FTSE 250 index.