Wade leaves MinRes

Peter Wade has stepped down as Mineral Resources’ non-executive chair after spending a decade in the role and 23 years overall with the WA iron ore play. 

MinRes informed the market of the news this morning, advising that it had accepted Mr Wade’s decision to retire and had called in lead independent non-executive director James McClements as his replacement.

Mr Wade’s retirement falls the day after MinRes officially added Santos boss Kevin Gallagher to the board, who joins as an independent non-executive director.

MinRes founder and managing director Chris Ellison paid tribute to Mr Wade’s contribution to the company.

“Peter leaves MRL with all the acclaim he deserves for the leadership, expertise and guidance he has provided to our company – and its foundation subsidiaries – to enable us to become the well-respected market leader we are today,” Mr Ellison said.

“MRL’s success is built on the high quality of our people and our can-do attitude.

“Peter exemplifies these traits and I cannot thank him enough for his service, dedication and commitment over so many years.”

Mr Wade was managing director of Crushing Services International and PIHA in 1999 and, subsequently, Process Minerals International in 2002.

He was MinRes’ first managing director and was appointed executive chair in 2008 and non-executive chair in 2012 thereafter.

"Even in our wildest dreams we did not expect MRL to become the extraordinary success it is today and I am proud and honoured to have played a small role in this performance," Mr Wade said in a statement. 

He remains a shareholder in the company.

Mr McClements, his replacement, joined the MRL board in 2015 and is the company’s lead independent non-executive director.

The board change comes as the Ellison-led business shakes off a ‘challenging’ half-year result posted in February, the company’s worst half-year period in three years.

Mineral Resources shares are up 0.6 per cent and trading at $45.59.