Medusa appoints new MD, chairman

Philippines-focused Medusa Mining has named recently appointed director Jeff McGlinn as its new chairman, replacing Andrew Teo who will become the company’s managing director.

The appointments, effective immediately, form part of a board restructure that involved the resignation of previous chief executive David McGowan in June last year.

His role was temporarily filled by Mr Teo, who joined Medusa's board in February 2010. 

Mr Teo has served as chairman since November 2013.

Medusa, which operates the Co-O goldmine in Central Eastern Mindanao, said the process to appoint a new leader had taken longer than planned due to international travel restrictions caused by COVID-19.

It said Mr Teo was the best candidate for the role.

He was an executive of BGC Australia for more than 35 years, as well as chief financial officer of the group until his resignation in March 2018.

Meanwhile, Mr McGlinn was a co-founder of ASX-listed contractor NRW Holdings and the former chief executive of Indigenous Construction Resource Group.

He was appointed non-executive director of Perth-headquartered Medusa in February this year.

“Jeffery will be an excellent contributor in the role of chairman and I look forward to working with him,” Mr Teo said.

Mr McGlinn will serve as non-executive chairman alongside non-executive directors Roy Daniel and Simon Mottram.

The appointments come after Medusa revealed it had grown its net profit by 65 per cent in the six months to December 2020, recording $US40.1 million. Its revenue was up 51 per cent to $US113.7 million.

Medusa’s share price closed down 5.8 per cent to trade at 81 cents.