A major board restructure at West Perth-based Mount Gibson Iron Ltd will see former Western Power boss Neil Hamilton take on the role of chairman, while former Aztec Resources Ltd managing director Peter Bilbe plans to stand down at the company AGM.
A major board restructure at West Perth-based Mount Gibson Iron Ltd will see former Western Power boss Neil Hamilton take on the role of chairman, while former Aztec Resources Ltd managing director Peter Bilbe plans to stand down at the company AGM.
Mr Hamilton, who currently chairs Integrated Group Ltd and Iress Market Technology, will succeed Bill Willis in the role.
"Neil Hamilton's appointment is a further step in Mount Gibson's growth strategy as Australia's independent iron ore producer and the driving force in the development of the Mid West iron ore industry." Mr Willis said.
In addition to these changes, executive director Alan Rule will take on the role of chief financial officer, and founding managing director and deputy chairman Brian Johnson will retire on June 30.
Mark Horn will also take a seat on the board as a representative of Russian billionaire Alisher Usmanov's Gallagher Holdings, which owns around 20 per cent of the company.
The full text of a company announcement is pasted below
Mount Gibson Iron Limited ("Mount Gibson") (ASX:MGX) is pleased to announce the restructure of its Board of Directors as follows:
- the appointment of Mr Neil Hamilton to the position of Chairman, following the retirement of former Chairman, Mr Bill Willis on 24 April 2007;
- the retirement of Mount Gibson's founding Managing Director and current Deputy Chairman, Mr Brian Johnson, effective as of 30 June 2007;
- Mr Mark Horn, a representative of major shareholder Gallagher, will join the Board from 30 June 2007;
- Mr Alan Rule will step down as an Executive Director to become Chief Financial Officer and will become an alternate Board member for Managing Director Mr Luke Tonkin from 30 June 2007; and
- Mr Peter Bilbe has advised the Company that he does not intend to stand for re-election as a director at the Company's 2007 annual general meeting.
Mount Gibson's outgoing Chairman, Bill Willis said Mr Hamilton would bring considerable experience and a new focus to the Board.
"Neil Hamilton's appointment is a further step in Mount Gibson's growth strategy as Australia's independent iron ore producer and the driving force in the development of the Mid West iron ore industry." Mr Willis said.
Mr Hamilton is presently Chairman of Iress Market Technology, Integrated Group Limited and is a Director of Insurance Australia Group Ltd. He is a former Chairman of Challenge Bank Limited, Western Power and Sons of Gwalia Ltd.
In announcing the company's Board restructure, Mount Gibson Managing Director, Mr Luke Tonkin paid tribute to the company's outgoing Chairman.
"Bill Willis joined Mount Gibson at a time when the company was looking to develop a range of projects. His extensive iron ore industry experience stood us in good stead in our formative years and has positioned us well to move to the next stage of development.
"Bill has made a major contribution to the company and the Board joins me in extending our sincere thanks and gratitude for his assistance and guidance over the years," Mr Tonkin said.
Outgoing Chairman, Bill Willis said that Mr Johnson's commitment to the company as its inaugural Managing Director, and more recently as Deputy Chairman, had been a key driver in the company's growth and success.
"Brian's vision and tenacity ensured Mount Gibson became a leader amongst a group of emerging producers and established the firm foundation for growth that the company now enjoys. We wish Brian every success as he pursues further endeavours and thank him for his significant contribution," he said.
Mr Bilbe, formally Managing Director of Aztec Resources Limited, was invited to the Mount Gibson Board to assist with the integration of the Koolan Island Operation which will be essentially completed by the end of 2007.
"As foreshadowed at the 2006 Annual General Meeting, the changes to the composition of the Board represent a transition for Mount Gibson and a renewed focus as we consolidate our existing operations and look to exploit opportunities to grow the company. The reconstitution of the Board is an ongoing process that has the support of Mount Gibson's major shareholders," Mr Willis said.
