ARM’s independent non-executive director and a commissioner of Berau, Amir Sambodo, will take over as CEO after the annual meeting on 28 June.
ARM was formerly known as Bumi Resources. While CEO, Schirnding handled the highly public dispute between Nat Rothschild and the founding family of Bumi Resources.
Bumi was founded in 2010, when Nat Rothschild used a cash shell, Vallar, to list the company in London.
This provided members of the Bakrie family a high profile in the west and banked them a tidy $3 billion.
Just two years later the company suffered due to bitter allegations between Rothschild and the Bakries.
The dispute lead to a probe by the UK market regulator following allegations of financial impropriety, email hacking and disastrous derivatives trades.
There is clearly still some bad blood between Rothschild and the Bakries.
Rothschild, who is still a major shareholder, made a post on Twitter which said Sambodo was an “experienced and safe pair of hands” but he added that Schirnding “should never have got the job.”
As a result of the UK probe, Asia Resources Minerals returned $465 million in cash to shareholders.
The company’s shares were up 2% to £194.31 when business closed on Monday.
