Scott Merrillees, CFO of Indonesia-focused coal miner Bumi plc (LON:BUMI) will step down amid pressure from the company’s founder, Nat Rothschild, who questioned whether Merrillees’ behaviour was “fraudulent, by deliberately misleading investors…or just plain incompetent.”
Rothschild claims that nearly $1 billion of company funds went missing during Merrillees’ tenure.
Though Merillees will not stand for re-election as Bumi CFO, he will retain the same title with Bumi subsidiary, Berau.
The shake-up is the latest development in a broader struggle between Mr. Rothschild and Bumi’s board. At a shareholder meeting in February, Rothschild unsuccessfully attempted to oust 12 of the 14 directors.
Bumi shares rose 3% on Wednesday to 257.9p.
Sources: The Financial Times; The Telegraph
