Deep Yellow shares dive on CEO exit
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More news: Deep Yellow shares slumped in morning trade after the uranium miner announced the departure of managing director and CEO John Borshoff.
Shares were down 16.6% to $1.94 at 11:20am AEDT, trimming 12-month gains to 30%.
Deep Yellow CEO John Borshoff steps down
The news: Deep Yellow has announced the departure of its managing director and CEO John Borshoff, who will step down from the role next month having led the uranium miner since 2016.
The context: Borshoff, who previously founded Deep Yellow's ASX rival Paladin Energy in 1993, will be replaced in an acting capacity by Deep Yellow's chief financial officer Craig Barnes.
Barnes has served as CFO since August last year, and was previously Paladin CFO for five years.
Non-executive chairman of the board Chris Salisbury will step into a temporary executive chair role to support Barnes during the transitional period.
Deep Yellow said a global search for Borshoff's permanent successor is an advanced stage.
What they said: "John has been with the company since 2016, and under his leadership, Deep Yellow has grown from a junior explorer to an ASX 200 company, on the verge of becoming a multi-asset, multi-geography uranium producer," the company said.
"Besides his invaluable leadership of Deep Yellow, the board wishes to sincerely thank John for his five decades of contribution to the global uranium industry."
The source: ASX
