The Montreal producer of technological materials 5N Plus announced at the end of the day Friday the departure of its CEO.
Arjang Roshan had headed the company since February 2016. He will step down on Wednesday to be replaced on an interim basis by Gervais Jacques, a member of the board of directors since last year. The company maintains that its next permanent CEO should be known by the spring at the latest. 5N Plus this year acquired the German Azur at a cost of 74.6 million euros.
This transaction was carried out to increase the competitiveness of 5N Plus in the semiconductor industry. “After discussion with the board of directors, we agreed that a new CEO should lead the company for the next chapter in its history,” Arjang Roshan commented in a press release.
5N Plus stock has lost 50% of its value since its peak reached in March. Specialty metals produced by 5N Plus are used in the manufacture of satellites, mobile electronics, pharmaceuticals, solar panels, etc.