Whitehaven chair Mark Vaile to step down, flags difficult recruitment search
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The news: Whitehaven chairman Mark Vaile has told shareholders he plans to step down from his role over the next two years as the coal miner kickstarts its succession planning.
What they said: In his opening remarks at Whitehaven's annual general meeting on Thursday, Vaile said having joined Whitehaven in 2012, he would not seek re-election beyond the remaining two years in his current term.
"I am committed to ensuring my succession is progressed in a responsible, timely and well-planned manner. I expect to be in a position to provide an update to shareholders on my succession in the next 12 to 18 months," Vaile said.
Whitehaven will increase its directors fee pool by $500,000 as it undertakes board renewal and looks to attract a new chair. Asked about the increase, Vaile said the increase – the first in more than a decade – reflected the growth of the company, the potential need to expand the number of board directors, and to hire a quality successor.
"That will be a competitive market. You know, not everybody wants to be the chairman of a coal company with some of the challenges that are presented," Vaile said. "Not everybody enjoys that stuff like I do."
In response to questions from shareholders, Vaile confirmed a new chair had not yet been found and that chief executive Paul Flynn would continue to steer the company.
"We often get questions on Paul's tenure, but there's no question about Paul changing and what you don't want is a chairman and a CEO changing at the same time."
The context: Whitehaven completed its acquisition of BHP's Blackwater and Daunia coal mines in Central Queensland in April last year, diversifying the miner into metallurgical coal and examining its future beyond thermal coal.
Long-time director Raymond Zage has also announced his retirement from the board.
The source: ASX
