Yancoal CEO David Moult resigns
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The news: Yancoal chief executive David Moult has resigned after seven years at the coal miner.
The numbers: Moult spent five years as CEO and two years serving on the board as an independent non-executive director.
The context: Yancoal said Moult decided to retire from full-time employment to devote more time to his other business engagements. His duties will cease immediately, and his employment will formerly end on 14 July.
Ning Yue, chair of Yancoal's executive committee, will serve as acting CEO, starting from today, until the board appoints a permanent successor.
What they said: "During the recent holiday season, I took time to reflect on my time with Yancoal, the capacity it possesses to pursue future opportunities and the highly capable executives and operational personnel across the company," said Moult.
"I concluded that having spent longer in the role than initially expected when asked to become CEO, it is an opportune time to step down," he said.
Yancoal chairman Gang Ru said: "During David's tenure Yancoal retired all its debt, paid billions of dollars in dividends, and joined both Hang Seng Composite Index and S&P/ASX 200 Index."
"His efforts, and that of the whole company, have Yancoal well positioned to achieve further greatness in the coming years."
The source: ASX announcement
