OTCQX:PALAF - Post by User
Post by
3x33on Aug 10, 2015 8:14am
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Post# 24002417
CEO GONE
CEO GONEPaladin Energy Limited (ASX:PDN) (Paladin or the Company) advises that its Board and Managing Director and CEO Mr John Borshoff have today agreed that Mr Borshoff will step down from his role with the Company. The Board acknowledges Mr Borshoffs unquestioned dedication and significant contribution to Paladin, a company he founded more than 21 years ago. Under Mr Borshoffs stewardship, Paladin has built a unique position in the uranium mining industry and he is recognised as a world authority in this realm. On behalf of the Board, I cannot thank John enough for having the vision, tenacity and spirit to create and lead Paladin, said Paladin Non-Executive Chairman, Mr Rick Crabb. John will be dearly missed by the Paladin team and we wish him the best in future endeavours. A process to identify a suitable new CEO is now underway. In the interim, Mr Alexander Molyneux has been appointed Interim CEO. Mr Molyneux joins with substantial experience in natural resources executive leadership, including both public mining company CEO and uranium experience. Mr Molyneuxs core mandate will be to: (i) to continue the optimisation of Paladins overall cash flow break-even level with the aim to become cash flow generative in the current uranium price environment; (ii) focus on accelerating strategic initiatives that deliver value; and (iii) to assist the Board in its search for a permanent CEO. Mr Borshoff will assist in a transitional role during the six month notice period provided for in his employment contract. Mr Borshoff has assured the Board of his intention to assist to the fullest extent required during this transitional period. The details of Mr Borshoffs entitlements under his executive services agreement in connection with the cessation of his employment are contained in Paladins 2014 annual report. Further details on and the key terms of employment for Mr Molyneux as Interim CEO are as set out in the annexure to this announcement. The Company hereby requests that the halt in trading of its shares be lifted.