Borshoff leaves Paladin

Paladin Energy founder John Borshoff has resigned from his role as managing director of the Perth-based uranium miner.

Mr Borshoff had been in the position for almost 22 years, after founding the company in September 1993.

He will assist Paladin in a six-month transitional role while the company finds a new chief executive.

Azarga Uranium chair and chief executive Alexander Molyneux has been appointed interim chief executive of Paladin.

Mr Molyneux, who was chief executive of SouthGobi Resources for three years until 2012, will be paid $US25,000 ($33,950) a month.

Mr Borshoff had taken a number of salary cuts over the past few years as the company moved to cut corporate costs.

At the end of last month Mr Borshoff offered a further 20 per cent salary reduction in addition to the 35 per cent in previous reductions.

He received a base salary of $1.43 million for the 2014 financial year.

That salary figure came after agreeing to a 10 per cent pay cut in his new contract signed in November of 2013, which brought his total salary reduction to 32.5 per cent at the time.

Colorado-based company Azarga Uranium is the largest shareholder of Perth-based uranium miners Anatolia Energy and Black Range Minerals, with 11.8 per cent and 19.1 per cent holdings in each company respectively.