NEW YORK, March 20, 2013 (GLOBE NEWSWIRE) -- Globe Specialty Metals, Inc. (Nasdaq:GSM) (the "Company") today announces that it and Malcolm Appelbaum, Chief Financial Officer of the Company, reached an agreement with respect to Mr. Appelbaum's departing from and transitioning out, of his position as the Company's Chief Financial Officer. Mr. Appelbaum will continue to serve as Chief Financial Officer through the later of August 31, 2013 or the date that the Company's Annual Report on Form 10-K for the fiscal year ending June 30, 2013 is filed with the Securities and Exchange Commission and attendant investor calls are completed. The Company has retained Heidrick and Struggles and commenced a search for a successor Chief Financial Officer, with the goal of announcing a selection in the coming months.
"During his five years with the Company, Mal successfully oversaw our initial public offering, several acquisitions and divestitures, the Company's major debt financings and an ERP implementation. We wish him well in his future endeavors," said CEO Jeff Bradley.
"I am very grateful for the opportunity that Globe has given me and have sincerely enjoyed my five years at the Company. I strongly believe that Globe is well-positioned to continue its profitable and successful growth capitalizing on its North American franchise, its low-cost position, its highly liquid balance sheet and its profit oriented and highly focused management team," said Mal Appelbaum
Globe Specialty Metals, Inc. is among the world's largest producers of silicon metal and silicon-based specialty alloys, critical ingredients in a host of industrial and consumer products with growing markets. Customers include major silicone chemical, aluminum and steel manufacturers, auto companies and their suppliers, ductile iron foundries, manufacturers of photovoltaic solar cells and computer chips, and concrete producers. The Company is headquartered in New York City. For further information please visit our web site at www.glbsm.com.
CONTACT: Globe Specialty Metals, Inc.
Jeff Bradley (Chief Executive Officer)