The departing CEO of Ferrexpo, a Ukraine-based iron ore pellet maker, commended the resilience and dedication of the company’s staff during his final week in office. Jim North, who led the firm for over three years, concludes his tenure today, which was marked by the challenges of the pandemic and a significant European conflict.
In an interview from his home country of Australia, North, 53, recounted the frantic response when Russian troops attacked Ukraine in February, despite the company’s preparations for the possibility of an invasion. “Russia was launching attacks from all sides,” he revealed. “At the beginning of the war, we had meetings every four hours to assess the situation and explore different scenarios.”
Stepping down: Ferrexpo chief exec Jim North (pictured) is set to depart after a gruelling three-year stint
Almost overnight, Ferrexpo had to adapt its operations and find alternative export routes after the closure of the Black Sea port of Pivdennyi, where about half of its iron was shipped from. Further difficulties emerged during the winter when Russian missiles targeted Ukraine’s power grid, aiming to freeze the population and undermine morale. North acknowledged the impact on both business and the local community.
“All of our employees are recruited from the surrounding villages, so ensuring minimal power and heating during winter was a major concern,” he said. He also disclosed that 25 Ferrexpo workers have tragically lost their lives in combat. “Although we’ve done our best to support their families, we cannot fully heal such wounds. I cannot fathom the devastating loss experienced by those defending our nation.”
North expressed immense pride and admiration for the resilience demonstrated by the company and its employees in the face of the looming threat. He repeatedly commended his team for their commitment. Additionally, Ferrexpo’s board approved approximately £16 million in humanitarian aid shortly after the outbreak of the war, the majority of which has been spent on emergency supplies such as food, medicine, and first aid kits over the past 15 months. The acting chief marketing officer, Yaroslavna Blonska, earned special praise for her instrumental role in organizing the delivery of 60 tons of baby formula and food to the Ukrainian capital, Kyiv.
Shut: Ferrexpo was forced to reorient its operations after the Black Sea port of Pivdennyi (pictured), which it previously used to export around half of its iron, was closed
About four months following the invasion, Ferrexpo provided housing for approximately 8,000 refugees, mostly in temporary accommodations that were typically reserved for visiting contractors and consultants. While many have moved on, around 120 individuals have decided to stay and have been employed by Ferrexpo. The company has also contributed to the construction of bomb shelters near schools in the region, as Russian shelling and missile strikes persist.
North highlighted the challenges of accessing Ferrexpo’s operations near the city of Kremenchuk, which lies on the eastern bank of the Dnipro River. “Getting there is quite a journey,” he explained. “You have to fly to Krakow or Warsaw in Poland. Due to a curfew, we cannot travel directly to the site, so an overnight stay in Kyiv is necessary.” North emphasized the importance of making personal visits to the site as a means of boosting morale among the local employees.
The war has posed a significant challenge to North’s leadership, as he assumed the role of acting CEO in May 2020 amid the depths of the pandemic before officially taking on the position on February 14 last year, just ten days prior to the Russian invasion. Although North described 2020 and 2021 as the company’s best years, the conflict has impeded several plans. “We had high hopes for 2022,” he lamented. “We had numerous projects lined up, so it is disheartening that the Russians chose their course of action.”
Despite the ongoing headwinds faced by the business, North remains resolute in his confidence in Ferrexpo’s employees. “While some individuals left during the initial stages of the war, those who stayed have demonstrated outstanding commitment,” he affirmed.
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