Fertilizantes Heringer on Nov. 29 announced the resignation of its Chairman of the Board of Directors Tom Luigs. He had held the position for less than five months after being elected on July 15. Luigs also stepped down as a member of the Board.
Although brief, Heringer said that Luigs’ mandate as Board Chair was intense. It said that during the period, internal investigations of the company revealed a corruption scheme with payments of R$50 million overpriced in maintenance service contracts (see related story).
Luigs was placed in chairmanship role by EuroChem Group AG, which acquired control of Heringer indirectly through the purchase of the Heringer family company, which owned more than half of the Heringer company shares (GM April 1, p. 28). At EuroChem, Luigs had held the position of COO since April 2022, having spent more than four years with the company.
Heringer said it will convene an Extraordinary General Meeting to elect a new member to the Board. The definition of the new Chairman of the Board, according to the company’s statement, will be defined at the subsequent meeting. Until then, the position left by Luigs will be held by the current CEO and Vice President of the Board Lieven Cooreman.