Mineral Resources shares drop on chair exit
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More news: Shares in Mineral Resources have dropped more than 5% to $25.06 in early trading after the troubled mining group said chair James McClements will step down on 1 July after 10 years with the company, and named former Pact Group CEO Malcolm Bundey as his replacement.
The company is currently facing a formal investigation from corporate regulator ASIC after MD Director Chris Ellison last year admitted to involvement in an alleged tax evasion scheme, and it also faces class action proceedings in the Supreme Court of Victoria.
Mineral Resources chair James McClements steps down, Malcolm Bundey named as replacement
The news: Troubled mining group Mineral Resources' chair James McClements will step down in July, with former Pact Group CEO Malcolm Bundey named as his replacement.
The numbers: The company said Bundey has been appointed non-executive director with immediate effect and will take over as the non-executive chair of the MinRes board from 1 July. Current chair James McClements will step down from the board on 1 July after 10 years.
The context: Mineral Resources said its board unanimously endorsed Bundey last month following an extensive international search assisted by Korn Ferry, and confirmed his appointment after reference checks and final negotiations. He will also chair the board’s Ethics and Governance Committee and lead the board renewal process.
Bundey was managing director and CEO of packaging company Pact Group between 2015 and 2019 and is currently deputy chair of building products group Brickworks.
Mineral Resources is currently facing a formal investigation from corporate regulator ASIC after managing director Chris Ellison last year admitted to involvement in an alleged tax evasion scheme. It is also facing class action proceedings in the Supreme Court of Victoria.
The source: ASX
