MBAC Fertilizer Corp. has announced the appointment of Cristiano Melcher as the Company's President and Chief Executive Officer. Mr. Melcher will formally assume the functions of President and Chief Executive Officer on February 1, 2014 upon completion of his current employment obligations.
Antenor Silva, the current Chief Executive Officer, will be stepping down as CEO and will remain a Director of the Company.
Mr. Melcher is an experienced senior executive in the resource, fertilizer and chemical sectors, primarily in Brazil. For the last three years, Mr. Melcher was the Chief Executive Officer of Fosbrasil, the leading purified phosphoric acid producer in South America.
Prior to Fosbrasil, Mr. Melcher had a successful career with the Anglo American PLC ("Anglo") organization where he was Executive Director and board member of Copebras, a leading Brazilian phosphate fertilizer producer owned by Anglo.
Mr. Melcher also held a number of other positions within the Anglo organization including Head of Marketing, Strategy, Business Development and Asset Optimization for Phosphates, Nickel and Niobium, Head of the Phosphate and Niobium Business Unit and Vice President Corporate Finance. Mr. Melcher is also a board member of important industry sector associations including SINPRIFERT (Association of Fertilizer Producing Companies) and ABIQUIM (Association of the Brazilian Chemical Industry). Mr. Melcher graduated with a degree in Industrial Engineering from the Escola Politécnica da Universidade de São Paulo and obtained his MBA from INSEAD, France.
With the transition of the Company into an operating fertilizer producer, Mr. Melcher will drive the Company focus towards the successful ramp-up to full capacity at its Itafós operations as well as in the critical areas of sales, marketing, strategic alliances and capital position, allowing the Company to consolidate itself as one of the main suppliers of phosphate fertilizers in Brazil in the upcoming year.
Peter Marrone, Chairman of the Board stated, "We are very pleased that Cristiano has agreed to take on this very important role as the Company has transitioned into a production and sales organization. His previous experience is very well suited to the needs of the Company as we head into our first full year of production."
Mr. Marrone added, "We are very grateful for Antenor's many contributions to the Company. He has exhibited remarkable commitment and resolve while also providing invaluable leadership during this very critical stage of the Company. I look forward to continuing working with Antenor as a valued member of our Board of Directors."
Antenor Silva stated, "The Company is now at a point where production and sales are paramount as we head to the next level. I believe Cristiano has the skill set and the experience to allow the Company to achieve its goals."
Cristiano Melcher stated, "I am very excited about the opportunity at MBAC and continuing the momentum that the Company has built as it strives to be a leading player in the fertilizer sector in Brazil. Itafόs and Santana represent exciting opportunities and I look forward to growing the Company and in the process closing the gap that has opened up between the value of its projects and the share price."
The Board of Directors will be working with Mr. Melcher to further evaluate the management needs of the Company over the next couple of months as MBAC focuses on production and growth.
The Company continues to advance initiatives with key customers relating to the sale of Single Superphosphate from its expected production and sales for 2014.
The Company will hold its Fourth Quarter Conference Call at 10:00 am (EST) on March 27, 2014. The Company will also hold an Investor Day on that date starting at 12:00 pm (EST) and will provide a detailed update on its operations and development projects.