26/06/2015 - 14:06

St Barbara board reshuffle complete

26/06/2015 - 14:06

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Former Gindalbie Metals managing director Tim Netscher is set to take the helm of gold miner St Barbara, when Colin Wise retires from the role as non-executive chairman next month.

St Barbara board reshuffle complete
New St Barbara chairman Tim Netscher.

Former Gindalbie Metals managing director Tim Netscher is set to take the helm of gold miner St Barbara, when Colin Wise retires from the role as non-executive chairman next month.

Mr Wise, who has served as chairman since 2004, will retire with non-executive director Doug Bailey on July 1, following the appointments of David Moroney and Kerry Gleeson as non-executive directors earlier this year, marking the completion of a three-year-long board reshuffle.

Former Rio Tinto executive Bob Vassie will remain as St Barbara managing director.

“With the board renewal process now complete, it is appropriate for me to retire as chairman and from the board,” Mr Wise said.

St Barbara’s principal asset at Gwalia is a long-term and profitable mine and, together with significantly improved performance from Simberi, the company can look forward to many future opportunities.”

From next month, the gold miner will maintain a board of four directors.

Mr Gleeson will replace Mr Netscher as chair of the remuneration committee, while Mr Moroney will replace Mr Bailey as chair of the audit and risk committee.

St Barbara operates the Gwalia underground and King of the Hills mines at Leonora in the state’s Mid West.

It also owns the Simberi gold mine in Papua New Guinea’s New Ireland province and the Gold Ridge mine in the Solomon Islands.

It sold its Southern Cross mining operation in Western Australia to a Chinese company for $22.5 million in cash.

St Barbara shares were 6.2 per cent higher to 54.2 cents each at 2pm.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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