Aluminij d.d. Mostar BoD Dismissed; Acting Directors named

The members of the Supervisory Board of Aluminij d.d. Mostar adopted today the Decision on the dismissal of Nikica Ljubic from the position of CEO of the company, and also the entire Board of Directors, i.e., Executive Directors Ivan Grle, Tomislav Lovric and Amar Hadžiomerovic.

The session was convened, after the rejection of the proposed Annual Report for 2014 at the last Shareholders' Assembly session of Aluminij, with the aim of vote of confidence for the current Board of Directors. The Decision on dismissal was passed with six votes in favour and one vote against, and the president of the Supervisory Board Dalibor Miloš thanked Nikica Ljubic for his past engagement, pointing out the necessity of those changes, given the fact that the accumulated problems would culminate in a very short period of time, which would mean the collapse of Aluminij.

Immediately after the abovementioned dismissal and in accordance with legal provisions, the members of Supervisory Board unanimously named Ružica Udovicic as the Acting CEO of the company. She is a long-standing employee of Aluminij, who has held many responsible duties. Based on her proposal, Marinko Ivanovic had been named as Acting Executive Director of Technical Affairs and Development and Marinko Ostojic Sušac as Acting Executive Director for Economic, Financial Affairs, Accounting and Commercial Affairs. The Acting Executive Director for Legal Affairs and Common Affairs will be appointed later.

Members of the new Board of Directors will fill these posts until the appointment of the Board of Directors in full term of office, for a period of four years.