Pluton Resources shares leapt on the ASX today after the iron ore junior announced former Grange Resources boss Richard Mehan had been appointed chairman.
The company’s long-serving chairman, Malcolm Macpherson, has resigned from the board of directors.
At close of trade today, Pluton’s stock was up 23.7 per cent, trading at 12 cents.
Mr Mehan has more than 30 years’ experience in WA’s resources sector, including recent stints as managing director at Jupiter Mines and Grange Resources.
“We are naturally disappointed to be losing a person of Malcolm’s experience and reputation from the Pluton board but understand his desire to manage his workload across his other board positions,” Pluton managing director Brett Clarke said.
“Whilst at Pluton he has provided balanced guidance not only for the board but has assisted me from when I stepped into my role.
“However, we are very pleased that Richard has chosen to join Pluton as our new chairman.”