Long-time chairman Terry Streeter has announced he is stepping down from the board of nickel miner Western Areas.
Mr Streeter has been chairman of Western Areas for the last 13 years, steering the company through its $5 million initial public offering in 2000 to become a significant producer with two operating mines in Western Australia.
He will depart the company at the conclusion of its annual meeting this morning, while Ian Macliver has been unanimously appointed non-executive chairman.
Mr Macliver has been a director of Western Areas since 2011.
Mr Streeter said he was keen to seek new challenges and focus on other investments in the junior exploration sector, particularly in South America.
“I believe I have more to achieve in the emerging end of the resources sector and that it is the right time for me to focus my efforts in that area,” Mr Streeter said in a statement.
“Increasingly I am finding myself overseas, particularly in South America, and this is another factor that has influenced my decision to step down from the board of Western Areas.”
Western Areas managing director Dan Lougher paid tribute to Mr Streeter, saying the company would miss his business acumen and valuable insight into the resources industry.
“We are sad to see Terry step back from Western Areas given he has played such a key role in the support, development and success of the company over a long period of time,” Mr Lougher said.
“His commitment to the company has never wavered even during turbulent commodity cycles.
“Whilst he will be missed, I am also pleased to see Terry again take up his passion for the junior end of our industry, upon which companies like Western Areas are built.”
Western Areas shares closed the day's trade 7.5 per cent lower at $2.35.
