Asia Resource Minerals, the scandal-struck Indonesian coal miner formerly known as Bumi, has decided to replace its chief executive Nick von Schirnding after he lost support from major shareholders.
The London-listed firm said yesterday that it was more appropriate that the company’s chief executive be based in Indonesia. Von Schirnding will not stand for re-election to the board at the annual meeting on 27 June and will be succeeded by independent non-executive director Amir Sambodo, who has held several posts within the Indonesian government but has little direct mining experience.
City A.M. understands that von Schirnding was ousted because major stakeholders in the company were unhappy with his vision for growing the business.
The miner recently underwent a long-awaited separation after a high-profile spat between its co-founders, the financier Nat Rothschild and the Bakrie family, when a probe into financial irregularities found a $201m black hole in its balance sheet.
Rothschild said in a tweet that he welcomed the change, calling Sambodo “an experienced and safe pair of hands”, adding that von Schirnding “should never have been given the job”.