Paladin cuts board, pay

Paladin Energy has announced more cuts to its board and head office staffing, with long-serving executive Gillian Swaby following managing director John Borshoff out of the business as it works to stay afloat in the weak uranium market.

Sean Llewelyn has resigned as a non-executive director of the company, while remaining directors will see their base salaries reduced to $65,000.

Chairman Rick Crabb’s salary has also been cut, to $125,000.

That’s a 60 per cent cut on board compensation.

Sources have also indicated that Paladin has made between 10 and 20 job cuts at its head office.

The group’s company secretary, Gillian Swaby, has also stepped down from her role, to be replaced by Ranko Matic, who works as a corporate advisor for accounting and advisory firm Bentleys.

In a statement, Paladin said the cuts were in addition to cashflow optimisation measures which were announced late last month.

“A number of additional cashflow optimisation initiatives are underway,” it said.

Mr Crabb said the changes announced today were about taking every step to become cashflow positive in the current uranium price environment.

It follows news last week that Paladin founder John Borshoff had resigned from his role as managing director, after serving in the position for almost 22 years.

Azarga Uranium chief executive Alexander Molyneux has been appointed interim CEO of Paladin.

Paladin shares were 3.8 per cent higher to 18.7 cents each at 1:30pm.