Global mining services group Perenti has started the search for a new chief executive after Mark Norwell announced he would be stepping down next year.
Global mining services group Perenti has started the search for a new chief executive after Mark Norwell announced he would be stepping down next year.
Perenti told the market it had commenced a succession process as Mr Norwell – who was appointed to the helm in 2018 – prepares to leave in the first half of 2026 in an unexpected move.
The board has launched an internal and external search for the successor of the business, who will oversee its four divisions operating across several global mining jurisdictions.
Under Mr Norwell's watch, the listed contractor has grown from a market capitalisation of about $900 million to $2.7 billion today, and the execution of several acquisitions including Barminco and DDH1.
But he also navigated major challenges and backlash after the contractor reported five workplace fatalities in three years, prompting a remuneration restructure and a safety transformation taskforce involving external experts.
On Friday, Perenti told the market that now was the appropriate time to commence a succession search following the delivery of its 2025 strategy.
It added that Mr Norwell would work with board during the process and handover period, and that the outgoing boss was committed to ensuring a seamless transition.
Mr Norwell said he was looking forward to spending more time with his young family, but until then he said it remained business as usual.
“I continue to be focused on leading the company, maintaining disciplined execution of our strategy and ensuring the safe and reliable delivery of our operations globally,” he said.
“Once a new managing director and chief executive is appointed, I’ll work closely with that person to ensure a smooth transition that maintains the momentum of this great business.”
Mr Norwell joined Perenti as managing director and chief executive, following a series of executive and management roles with contractors Thiess and CPB.
Perenti chair Diane Smith-Gander said under Mr Norwell’s leadership, the contractor had experienced a period of significant growth, having quadrupled its revenue and doubled its workforce.
“This transformation has been driven by strategic acquisitions, including Barminco and DDH1, geographic diversification, disciplined implementation of our strategy and the successful navigation of several significant challenges,” she said.
“Ultimately, this has positioned Perenti as one of the largest and leading mining services companies globally.
“When Mark hands over to the new managing director and chief executive next year, the business will be stronger than ever and positioned for continued success.”
Shares in Perenti closed down slightly to $2.86 per share.
