Canadian silicon metal producer Timminco has promoted its executive management team following the recent resignations of president and chief operating officer, John Fenger, as well as executive vice president, finance and chief financial officer, Rob Dietrich.
General counsel and corporate secretary Peter Kalins will take on the additional role of president, reporting to Doug Fastuca, chief executive officer.
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Former manager, treasury and risk management, Greg Donaldson, has been appointed to replace Mr Dietrich, also reporting to Fastuca. Donaldson spent six years with PwC Canada in the Assurance and Financial Advisory Services groups and will be Timminco's most senior financial officer.
“I am very pleased that Peter and Greg have agreed to assume expanded responsibilities within our organization and look forward to their contributions as part of the new management team's efforts to return Timminco to profitability” Mr. Fastuca said.
Both Fenger and Dietrich resigned to pursue other career opportunities. Fenger has agreed to serve as a senior advisor to Timminco for certain projects.
Chairman of the board, Heinz Schimmelbusch, extended his sincere thanks to his former colleagues and wished them well in their new endeavours.
A steep decline in polysilicon prices (as much as 80% in 2009) has hurt Timminco's bottom line. In November of 2009 the company said in a statement regarding its third quarter financial results that the lack of demand for UMG-Si would continue into the “foreseeable future, thereby subjecting the Company to substantial liquidity risk and creating uncertainty as to the ability of the Company to continue as a going concern.”