German copper producer and recycler Aurubis is parting ways with three of its top executives after the company suffered millions of euros in losses due to long-undetected criminal activities. The company announced on Tuesday that its supervisory board had reached agreement with CEO Roland Harings, CFO Rainer Verhoeven and COO Heiko Arnold on the early termination of their executive board contracts. "The three executive board members are thus taking accountability for the unique challenges Aurubis faced in the past fiscal year, in particular in light of the serious cases of fraud and theft at the Hamburg plant and incidents in occupational safety," the company said in a press release. The supervisory board intends to appoint new executive board members in 2024 with the assistance of recruitment consultants.
At the same time, the group stressed that Aurubis would continue to pursue its existing strategic direction and growth plans. "Aurubis will not compromise on any of its business ambitions for the 2023/24 fiscal year," said supervisory board chairman Fritz Vahrenholt. To "ensure continuity in the realisation of the company’s strategic growth initiatives", the three board members will depart in a phased exit....
