RHI Magnesita opens a new chapter with the appointment of Gustavo Franco as Chief Executive Officer

RHI Magnesita, the leading global supplier of high-grade refractory products, systems and solutions, today announces the appointment of Gustavo Franco as the Chief Executive Officer effective 1 November 2026, succeeding Stefan Borgas, who will step down after ten years as CEO.

The appointment marks an important new chapter for RHI Magnesita and follows a comprehensive succession process led by the Nomination & Governance Committee and the Board of Directors. In Gustavo, the Board has selected an experienced leader from within RHI Magnesita who combines more than two decades of industry experience with deep knowledge of the Group, its customers, its people and its global operations.

Announcing the succession, Herbert Cordt, Chair of the Board, said:

“The Board is delighted to appoint Gustavo as Chief Executive Officer. His extensive industry experience, deep knowledge of RHI Magnesita and its customers, and strong track record within the Group make him ideally placed to lead the business through its next phase of development.

On behalf of the Board, I would like to thank Stefan for his outstanding contribution over the past decade. Under his leadership, the merger of RHI and Magnesita created the global leader in refractories, establishing a stronger, more diversified and more resilient business. He has driven a clear strategic focus on customer partnership, operational excellence, sustainability and digitalisation, while strengthening the Company's global footprint, expanding its portfolio through targeted acquisitions and building a culture centred on performance, accountability and innovation.

We look forward to working with Gustavo and are confident that he will continue to deliver sustainable long-term value for our customers, employees, shareholders and other stakeholders.”

About Gustavo Franco

Gustavo joined Magnesita in 2001 and has built his career across technical, commercial and leadership roles in South America, North America and Europe. He played a key role in the successful commercial integration of RHI and Magnesita following the merger in 2017 and has been a member of the Executive Management Team since 2019.

As Chief Customer Officer, Gustavo currently leads RHI Magnesita’s global commercial organisation, with responsibility for customer relationships, regional business performance and the procurement and supply chain functions. This combination of customer proximity, operational understanding, international experience and knowledge of the Group provides a strong foundation as he prepares to lead RHI Magnesita through its next phase of development.

Gustavo Franco said: “It is a great privilege to be appointed Chief Executive Officer of RHI Magnesita. We have a strong strategy, a unique global position and an exceptional team. I look forward to building on these strengths, working closely with our people and customers around the world, and leading RHI Magnesita into the next decade.”

The leadership transition has been carefully planned as part of the Board's long-term succession process. Stefan Borgas and Gustavo Franco will work together through a structured handover period ahead of the transition on 1 November 2026. Stefan will be available for Gustavo as advisor subsequently.

Stefan Borgas said: “Leading RHI Magnesita over the past ten years has been an enormous privilege, and I am immensely proud of what our people have achieved together. I am delighted that Gustavo will succeed me. He knows our Company, our customers and our industry exceptionally well, and I look forward to working closely with him to ensure a seamless transition.”

About RHI Magnesita

RHI Magnesita is the global leader in refractory products, systems and solutions that enable high-temperature industrial processes exceeding 1,200°C. Through its refractory products, services and expertise, the company supports customers across the steel, cement, non-ferrous metals, glass and other high-temperature process industries. With more than 20,000 employees and a global network of raw material sites, production facilities, recycling centers, and sales offices, it serves customers worldwide.

RHI Magnesita is listed on the London Stock Exchange (RHIM) and has a secondary listing on the Vienna Stock Exchange. For more information, visit www.rhimagnesita.com.

For further inquiries, please contact:

Abhijit Borah
Head of Global Communications & Public Affairs
[email protected]
+43 699 1870 6728

Sofia Iriarte
Global Public Relations
[email protected]
+43 699 1870 6687