The founding managing director and chief executive of NRW Holdings, Jeffrey McGlinn, has resigned from the mining services company to pursue other private business interests.
The founding managing director and chief executive of NRW Holdings, Jeff McGlinn, has resigned from the mining services company to pursue other private business interests.
He will be replaced by NRW Holdings' chief operating officer Julian Pemberton from July 7.
The announcement is below:
Mining Services provider NRW Holdings (ASX: NWH) advises it has accepted the resignation of its founding Managing Director and Chief Executive Officer Jeffrey McGlinn.
Mr McGlinn has formally advised the NRW Directors of his intention to step down from his Board and executive positions in order to pursue other personal and private business interests.
NRW Chairman Ian Burston said Mr McGlinn was instrumental in establishing NRW in 1994, and played a major role in the Company's growth and development during the past 16 years.
"Jeff co-founded the company with one dollar and helped grow it into a $500 million, publicly listed company on floating in 2007, servicing some of the world's biggest mining companies," he said.
"On behalf of the shareholders, I want to thank Jeff for his vision, and his contribution in establishing NRW as one of Australia's leading mining service providers. He remains a major shareholder in the Company, and is committed to the ongoing success of the business.
"The Board and all NRW staff wish Jeff all the very best for his future endeavours," Mr Burston said.
Following Mr McGlinn's decision, NRW is pleased to announce the appointment of NRW Chief Operating Officer Julian Pemberton as Chief Executive Officer, effective from 7 July 2010.
The effective date for Mr. McGlinn's resignation and Mr. Pemberton's appointment is 7 July 2010.
Julian has been with NRW for more than 13 years, and during that time has played an active role across all aspects of the Company, including operations, investor relations, acquisitions, finance, business development and contract negotiation.
Mr. Pemberton's remuneration package will remain as previously disclosed, pending consideration by the Remuneration Committee prior to his appointment.
"This succession plan has been developed over time with Jeff mentoring Jules and we are very fortunate to have a logical and high calibre successor within our management team," Mr Burston said.
Mr Burston said appropriate additions to the Board will be made once suitable candidates have been identified. Operational and administrative duties currently undertaken by the COO role will be shared by senior management in the short term.
Mr McGlinn said he was very confident in the NRW management team and the Company's long term future.
"We have put in place a first class management team with a clear succession plan that will support ongoing growth of the Company," Mr McGlinn said.
"I have worked with Jules for more than 13 years, he understands the NRW business at all levels and has the support of a highly experienced and credentialed management team. Jules is well known to all NRW clients, suppliers and capital market stakeholders, and will lead a seamless transition," Mr McGlinn said.
Mr McGlinn has indicated he will remain a substantial shareholder in NRW for the foreseeable future.
"In addition to my original holding, I have acquired a major holding of NRW stock through on-market purchases over the past several years, and have not sold a single share since the Company floated," Mr McGlinn said.
"I would like to take this opportunity to thank all of the NRW team, shareholders and our clients that have helped grow this Company into a world-class mining service and civil construction provider."
