GrafTech International Ltd (NYSE:GTI) announces Asmussen’s promotion


Dallas, Texas 09/19/2013 (Financialstrend) -GrafTech International Ltd (NYSE:GTI) announced that Eric Asmussen was promoted from the Vice-president of strategy, Planning & Corporate Development post to Chief Executive Officer. He takes Lindon Robertson’s place. The latter has joined the company in 2011. GrafTech International Ltd (NYSE:GTI) has not yet disclosed any compensation-information for Asmussen. He had joined the synthetic & natural graphite and carbon products-maker in 1999 as a tax-director.

The background

Before joining the company, he was in tax-related positions at Corning and also at AT&T. Later he worked with the now-defunct firm, Arthur Andersen LLP.  GrafTech International Ltd (NYSE:GTI) said that Robertson left to pursue other opportunities. He received a compensation of $1.2M. As per the proxy filing, this was inclusive of a salary of $400,000 and options and stock awards that totaled to $595,944. In the filing, the company said that Robertson will provide transition-assistance and that he will receive his base-salary right up until 2014 March.

 Wednesday’s trading

In Wednesday’s trading session, GrafTech International Ltd (NYSE:GTI)’s stock dropped by 0.57%. The opening price of the shares was $8.86 million which touched an intraday high of $8.90 and closed at $8.79. Approximately 1.26 million shares were traded on Wednesday while the average-volume of shares traded over 30 days was 1.10 million. The company has a market capitalization of $1.19 billion.

About the company

 GrafTech International Ltd (NYSE:GTI) is a company that manufactures graphite-electrodes. These are essential for producing electric arc furnace, steel and numerous other non-ferrous and ferrous metals. It also produces needle-coke products. These are the base raw-material required for manufacturing graphite electrodes.