Mr Gupta Appoints Restructuring Experts to Navigate Collapse
GFG Alliance Chairman Mr Sanjeev Gupta has shaken up the executive ranks at his global Liberty Steel business by appointing a four men restructuring and transformation committee, as he battles to save the company from being dragged under by the collapse of Greensill Capital. LIBERTY Steel said that four experienced board directors will lead and accelerate the restructuring and refinancing of LIBERTY in order to protect and maximise creditor and stakeholder value. The new appointments will join the LIBERTY board with immediate effect and form a new Restructuring & Transformation Committee which will be led by an independent Chief Restructuring Officer and include an independent Chief Transformation Officer, a Chief Governance Officer and a newly appointed Chief Financial Officer. The RTC will be given full autonomy to restructure LIBERTY’s operations to focus on core profitable units, and either fix or sell underperforming units. The Restructuring & Transformation Committee will be supported by LIBERTY management and report to the full LIBERTY board.
Mr Jeffrey S Stein joins LIBERTY as Chief Restructuring Officer. Mr Jeffrey is an accomplished corporate executive and director, including leadership and committee positions, of both public and private companies. Mr Jeffrey has served as an Executive Chairman, Chief Restructuring Officer and Liquidating Trustee and as a director on audit, compensation, corporate governance, finance, restructuring, and risk committees including as Chairman of those committees. Mr Jeffrey previously served as Chief Restructuring Officer of Whiting Petroleum Corporation, Philadelphia Energy Solutions LLC and Westmoreland Coal Company. Mr Jeffrey has substantial transaction experience, generating positive returns for investors. Mr Jeffrey is a Certified Turnaround Professional as designated by the Turnaround Management Association. Mr Jeffrey will be based in the US but will be present across our businesses as appropriate.
Mr Jeff Kabel joins LIBERTY as Chief Transformation Officer. Mr Jeff is a commercial leader with broad trading and asset optimisation background in the metals & mining and energy industries. Mr Jeff is Chairman Emeritus of the International Steel Trade Association and helped lead its collaboration with the UK government to align the cost competitiveness of UK producers with their European competition. Before this Jeff was Executive Director at JP Morgan in London. Prior to his time at JP Morgan he operated in a similar capacity at Koch Industries. Mr Jeff will be based in London.
Mr Iain Hunter joins LIBERTY as Chief Governance Officer. Mr Iain is an experienced business leader with a career spanning over 30 years in financial services including fifteen years serving on boards dealing with a range of governance issues for growth companies and those in more challenged circumstances. Mr Iain served as Chief Executive Officer of Wyelands Bank plc between 2015-2020, prior to which he held several senior leadership positions at CIT Bank Limited including Chief Executive Officer and Chief Risk Officer during the global financial crisis. Mr Iain will be based in Dubai.
Mr Deepak Sogani joins LIBERTY as its new Chief Financial Officer and interim CFO for GFG Alliance. Mr Deepak is replacing Mr V Ashok, who has decided to step down for personal reasons. Mr Deepak has a track record for successful restructuring and refinancing situations during major roles in the metals industry, serving as the CFO for the listed steel producer Jindal Steel and Power Limited and, most recently, as Managing Director for Metals & Mining at Essar Capital Services. Mr Deepak will be based in Dubai.