Reuters reported that International Ferro Metals has appointed former BHP Billiton manager Mr Christiaan Jordaan as its new chief executive after it found a replacement for incumbent Mr David Kovarsky earlier than expected.

Mechanical engineer Mr Jordaan who will replace 63 year old Mr Kovarsky in August, five months before the latter's contract was due to expire was GM at BHP's South Africa based Metalloys division from 2008, running one of the largest producers of manganese alloys in the world. Mr Jordaan's tasks will include pushing ahead with the a cost reduction program that saw IFM cut costs by 10% from last year and promising a further 5% this year.

Analysts said that while the timing was a surprise, the move to replace Mr Kovarsky whose contract was due to end in January 2012 was not entirely unexpected.

Mr Andy Davidson analyst at Numis said that "We believed in the story with the current management but this appointment is positive. Obviously comes with a strong background in metal alloys and ferrochrome in particular. The key catalyst in the near term for the stock will be the furnace rebuilds which they are doing in the next couple of months. Positive news there should really drive the price."

(Sourced from Reuters)