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Geoff Simpson has resigned as non-executive director of Atlas Iron.

Atlas Iron shrinks board, cuts fees

Atlas Iron has reduced the size of its board and cut pay for the remaining directors to help reduce costs amid weak iron ore prices.

Two board members have resigned, and the remaining six have offered to reduce their pay by 15 per cent, effective immediately.

Geoff Simpson resigned as a non-executive director to focus on his role as Perth managing partner at law firm Allen & Overy, while Mark Hancock stood down as an executive director, but will remain at Atlas as chief commercial officer.

The changes come as the iron ore miner attempts to achieve annual savings of between $65 million and $90 million by June.

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Atlas Iron (AGO)

Share Price

Closing price for the last 90 trading days
Source: Morningstar

Total Shareholder Return as at 31/01/18

1 year TSR5 year TSR
195thMineral Resources59%18%
207thNorthern Star Resources55%43%
266thIluka Resources35%3%
393rdWoodside Petroleum9%4%
722ndAtlas Iron-45%-55%
709 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

27/10/17
$0 Issued
26/10/17
$0 Issued
01/07/17
$0 Other
Total value as at the date of the transaction
Source: Morningstar

Revenue

3rd-Woodside Petroleum$5,715.9m
4th-Mineral Resources$1,470.4m
5th↓Atlas Iron$896.6m
6th↓Northern Star Resources$850.6m
7th↓Iluka Resources$779.3m
498 listed resources companies ranked by revenue.
Source: Morningstar

Remuneration from Atlas Iron

61stMark Hancock$1.008m
68thJeremy Sinclair$1.007m
302ndCheryl Edwardes$181k
Ranked by total remuneration from all listed WA companies

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