Coretrack chief executive Nanne van ‘t Riet has been told his services are “no longer required” and he will relinquish control of the drilling technology company immediately.
Coretrack chairman Matt Birney said the company was moving out of the research and development phase and into commercialisation, and as such needed a fresh start from a senior management perspective.
“We have already conducted a number of intervierws for the position of CEO and we have been very impressed with the quality of candidates.
Globe Drill general manager Neil Hass has been appointed interim chief executive.
Mr van ‘t Riet will continue to be paid until his contract expires in February next year, and the company has requested he make himself available at the request of the board if required until the contract is finished.
Coretrack’s stock gained 4.5 per cent today, to close trade at 11.5 cents.
