MinRes slides as company reviews transition plans for CEO Chris Ellison
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The news: Mineral Resources shares extended losses in morning trade after the miner told investors that new chair Malcolm Bundey was reviewing the transition process for managing director and CEO Chris Ellison following a series of scandals late last year.
The numbers: MinRes shares were down 1.4% to $24.13 at 11:30am AEST, having dropped around 4% at the open.
The context: In a presentation that will be used by Bundey in meetings with proxy advisors and investors this week, the company said its chair will review Ellison's transition process "which will be effected in the best interests of shareholders."
It follows the appointment of two new non-executive directors, and changes to committee roles, announced on Monday.
The source: ASX
