23/02/2015 - 15:26

Toro elects new chair, cuts board size

23/02/2015 - 15:26

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Perth-based uranium developer Toro Energy has announced the appointment of Fiona Harris as the company’s new chair, while also announcing a reduction in the number of directors as a result of the current market conditions.

Toro elects new chair, cuts board size
New Toro Energy chair Fiona Harris.

Perth-based uranium developer Toro Energy has announced the appointment of Fiona Harris as the company’s new chair, while also announcing a reduction in the number of directors as a result of the current market conditions.

Ms Harris, who is also a non-executive director at BWP Trust, Perron Group and Oil Search, will assume her new position in mid-March, replacing Erica Smyth, who elected to retire after nine years in the role.

Managing director Vanessa Guthrie said the board was pleased to have attracted Ms Harris to lead the company.

“Fiona’s deep experience in the resource sector and on large capital projects enhances the skill set needed to deliver the next phase of Toro’s strategy to become the leading mid-tier Australian uranium company through the financing and construction of the Wiluna project,” Ms Guthrie said.

Meanwhile, Toro’s founding managing director Greg Hall has announced his retirement from the board as the company seeks to downsize the number of board members.

In a statement, the company also said its second-highest major shareholder, Mega Uranium, has agreed to reduce its presence on Toro’s board, reducing its director nominees to one.

“It is anticipated that one of the Mega nominee directors will resign from the board over the coming months,” Toro said.

Mega Uranium holds a 26.4 per cent interest in Toro.

“These board changes will complete the board renewal process and follow Toro’s success last year refinancing the company – initiatives which have positioned Toro financially for at least the next three years.”

 

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