In an effort to reduce costs, coal exploration and mine development company, Acacia Coal, has announced wholesale changes to its board of directors with both its Chairman, Kim Levesley, and Managing Director, Gavin May, stepping down. Amanda Ward has also resigned as a director of the company.
In their place, Adam Santa Maria has been appointed Executive Chairman with Brett Mitchell and Logan Robertson also joining the board.
The new directors will be paid AUS$10 000 per annum with the Executive Chairman paid an additional AUS$1000 for each day of which executive services are performed on behalf of the company.
“Acacia welcomes the new directors to its board who bring a diverse range of skills including transaction identification and execution,” the company said in a statement. “The company is confident that it will be able to take advantage of new opportunities that will maximize returns for the benefit of all shareholders.”
May, a former CEO of Gloucester Coal and Director of Noble Resources Australia, was paid a termination fee of AUS$238 359. He is to remain with the company in an advisory role.
Acacia Coal is currently developing the Comet Ridge project in Queensland’s Bowen Basin.
Edited by Jonathan Rowland.
Read the article online at: https://www.globalminingreview.com/finance-business/11012016/acacia-coal-restructures-board-of-directors-2016-28/