Bumi moves towards Bakrie split as new CEO appointed

LONDON-listed miner Bumi moved towards a divorce from powerful Indonesian family the Bakries yesterday, as the company’s board said it was working towards a split “as soon as practical”.

Nick Von Schirnding, head of investor relations at Bumi, has been appointed as chief executive to replace outgoing head Nalin Rathod.

The Bumi board was yesterday presented with findings from the Macfarlanes legal investigation, commissioned in September, into alleged financial irregularities at Indonesian arm Bumi Resources.

Bumi said it had no intention of disposing of Berau Coal, in which it has an 85 per cent holding.

Von Schirnding, whose appointment and strategy has already received the backing of two leading shareholders, is described as a “thoughtful, steady individual” by adviser Rupert Hume-Kendall, chairman of global corp and investment banking at Bank of America Merrill Lynch.