Humphrey Hale has stepped down as managing director at Wolf Minerals Limited, while former Grange Resources managing director Russell Clark will take over the position effective today.
During four-and-a-half years with Grange, Mr Clark oversaw its merger with Australian Bulk Minerals and posted record profits and cash flow for the company during that time.
Grange operates a magnetite mine in Tasmania and had been endeavouring to develop the Southdown magnetite project near Albany.
"The change in the company's senior leadership is in line with its transition strategy as Wolf moves from the exploration and development phase of its evolution into mine construction, and eventual production, at its Hemerdon tungsten and tin project in Devon in south-west England," Mr Wolf said.
Mr Hale's tenure at Wolf included brokering a December 2012 deal for New Zealand's Todd Corporation to take a 20 per cent stake in the company, a critical moment in the company's six-year history.
Mr Hale will continue to work with Wolf in an advisory capacity to ensure a smooth transition in the company's leadership.
Wolf shares were up almost 3 per cent to 35 cents at 8:45AM WST.