The annual shareholders' meeting has officially announced that Mr Fazwar Bujang is no longer Krakatau Steel CEO. Mr Fazwar will be replaced by Mr Irvan Kamal Hakim, previously the company's director of marketing.

Mr Fazwar has been the CEO of the state steel company since 2007. However, Mr Fazwar has been working for the company for 37 years. The company said regeneration was the reason for the change.

Mr Fazwar said that "Krakatau Steel must continue to develop. Please maintain the cohesiveness and solidarity that I have built."

Despite being released from his position, Mr Fazwar said that he would still be a part of Krakatau Steel. Fazwar is the chief commissioner of Krakatau POSCO, one of Krakatau Steel's subsidiary companies.

He said that "I'm still the chief commissioner of Krakatau POSCO until 2014."

Source - Tempo Interactive

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