Michael Minosora has resigned as the chief financial officer of Fortescue Metals Group to take up the managing director position at little known West Perth-based explorer, Atlantic.
Atlantic, which had been in the pearl industry and now holds a bauxite project in Vietnam, announced the appointment late this afternoon after it had flagged earlier this week of a new senior executive appointment.
Full details of Mr Minosora's remuneration package will be announced shortly. He will be issued with 99 million executive incentive shares in 33 million lots of 3.3 cents, four cents and five cents. The shares will be vested at six monthly intervals.
Atlantic said none of the shares will be tradeable unless the company's shares have traded above five cents for more than 10 consecutive trading days. Shares in Atlantic last traded at 3.2c.
Shareholders in Atlantic will need to approve the appointment and also approve a limited recourse, non-interest bearing, five-year loan by the company to Mr Minosora to acquire the shares.
Atlantic is the sixth senior position held in Perth since early 2006 when he quit as managing partner of the Western Australian accounting practice Ernst & Young in April to join Woodside in a job that was created for him, director corporate centre.
Mr Minosora left Woodside after just four months. His next role was back at E&Y as managing partner - corporate sector accounts, a national role. A year later, in August 2007, he again moved, this time to Perth-based investment bank Azure Capital where he was appointed managing director.
He joined FMG 17 months later in January. Regarding his departure, the company said he will leave after an appropriate transition period.
Fiona Barclay will take the chief financial officer role at Fortescue, a position she has previously held, while an executive search is undertaken to formalise the appointment, the iron ore miner said in a statement.
