Aurubis, one of the world’s leading copper producers, has undergone significant changes in its executive leadership and board structure following incidents of metal theft and fraud at its Hamburg plant in Germany. The company has named Toralf Haag as the new Chief Executive Officer, effective September 1st, replacing Roland Harings. Tim Kurth will succeed Heiko Arnold as the Chief Operations Officer for custom smelting, also effective September 1st, while Steffen Alexander Hoffmann will take over as Chief Financial Officer from Rainer Verhoeven on October 1st.
The decision to restructure its executive board earlier this year came after Aurubis identified serious cases of fraud and theft at its Hamburg plant, affecting its operations and financial stability. The company reported discrepancies in inventories and shipments of metal, resulting in significant financial losses amounting to approximately EUR 169 million due to criminal activities.
Legal proceedings following the theft resulted in convictions, including a five-year, ten-month sentence for one defendant, and other sentences ranging from three years, six months to four years for co-defendants, including a former Aurubis employee.
The appointments of Haag, Kurth, and Hoffmann reflect Aurubis’s commitment to addressing the challenges posed by the theft incidents and rebuilding its corporate governance and operational integrity. The company aims to move forward with renewed leadership to restore trust and stability.
Despite these challenges, Aurubis remains focused on maintaining its strategic direction and growth initiatives under Haag’s leadership. Haag, currently the CEO of Voith Group, brings extensive experience in German manufacturing, positioning him to lead Aurubis through its recovery and future growth phases.
The market responded positively to the announcements, with Aurubis shares closing 5.5% higher at EUR 76.80 in Germany on Thursday, reflecting investor confidence in the company’s efforts to navigate and overcome recent setbacks.