Rinehart boosts Hancock team

Billionaire Gina Rinehart has appointed a new executive director and a new chief executive at Hancock Prospecting and foreshadowed plans to recruit additional senior executives to run its commercial and agribusiness operations.

Hancock chief financial officer Jay Newby will take on a new role as executive director of the group, while Garry Korte, who was CFO of subsidiary company Roy Hill Holdings,  has been promoted to chief executive of Hancock, both effective July 1.

“Jay has made an outstanding contribution to the business as one of the immensely successful but very small and dedicated executive team, helping to grow the Hancock group, over the past 10 years and deserves his recognition and set up,” Mrs Rinehart, chair of Hancock, said.

“We are also delighted to have Garry join us after the exceptional work he did as the CFO of Roy Hill over the past four years, particularly on raising the project finance for Roy Hill and guiding the financial and commercial aspects of the project through construction and early production ramp-up.”

Jabez Huang has been promoted, adding ‘executive’ to his title of general manager finance (and will continue as company secretary), while Brad Ross has been promoted to general counsel.

The company also plans to announce a new agricultural general manager and commercial general manager, but no names have been announced as of yet.

Tad Watroba will remain as a director of the group and executive director."I have been extremely fortunate to have Tad help me grow this company group, and stand by me throughout many difficult years and challenges, since my chair appointment in 1992," Mrs Rinehart said.
The changes follow substantial growth for Hancock - it is the majority owner of the Roy Hill iron ore mine, which is ramping-up production, its Hope Downs joint venture with Rio Tinto is developing its fourth mine, and the agricultural business has seven cattle stations plus farms and an interest in Bannister Downs Dairy.

“Hancock Prospecting has been very successful despite the situation the group was in when I became chair, building major new mining projects from grassroots with all the immense risks and challenges this entails and expanding an agricultural business,” Mrs Rinehart said.

“My executive team and I look forward to building on our past successes and further developing our great Western Australian headquartered company group.”