Mineral Resources scraps Chris Ellison transition timeline
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The news: Chris Ellison will remain as CEO of Mineral Resources despite the miner previously announcing he would step down by mid-2026 as part of a new “three-stage leadership succession program” not tied to a specific deadline.
The numbers: At 12:48pm AEDT, shares in MinRes had lifted 3.7% to $50.37 although it was behind lithium mining rivals Pilbara Minerals (+4.9%), IGO (+6.2%) and Liontown Resources (+9%).
The context: In November 2024, MinRes announced that Ellison would leave the company after a transition period of between 12 and 18 months, in the wake of a tax evasion scandal.
Addressing the company’s annual general meeting, MinRes chair Malcolm Bundey said that “the support program for this was outdated and, in our view, could not confidently deliver the intended outcomes of a smooth transition without creating unnecessary risk”.
Consulting firm Korn Ferry and HR consultant Xperience have been brought in to “design and implement a comprehensive, three-stage leadership succession program”.
What they said: "By undertaking this transition in a considered and methodical way, we will ensure the company, its people and our shareholders get a lasting, high-quality outcome, rather than rushing to meet an arbitrary deadline,” Bundey said.
“We will measure success by putting in place the right leader, the right organisational structure and the right foundations for MinRes to thrive long after the transition. The success of this transition will be Chris' legacy and he is committed to it."
The source: ASX
