Cobalt Blue Holdings Ltd (ASX:COB, OTC:CBBHF) has appointed chief executive officer Andrew Tong to the board as managing director with immediate effect, citing his “comprehensive understanding” of the company’s strategic, operational and visionary goals.
“I am delighted to be appointed to the Cobalt Blue Board and look forward to working with my fellow directors to deliver value for our shareholders. I would also like to express my sincere thanks to Rob for his tremendous contribution to the Company over the years. Rob leaves the Company in a great position and poised for ongoing success,” Tong said.
Board refresh
The appointment comes alongside a wider board refresh. Chair Rob Biancardi will retire at the conclusion of the 2025 Annual General Meeting, with deputy chair Joe Kaderavek to assume the chair role after the meeting. The board will start its search for a technically strong independent non-executive director to replace Biancardi as the company advances towards a final investment decision on the Kwinana Cobalt Refinery.
Biancardi said: “I am immensely proud of my time as chairman of Cobalt Blue, and it is with mixed emotions that I announce my intention to retire from the Board at the upcoming AGM. With a refreshed management team in place, capably led by Andrew, and with some long overdue impetus behind cobalt prices, I feel that it is the right time for me to step away from the Board.”
Separately, the board has deferred its earlier proposal to change the company’s name to Core Blue Minerals Limited and does not intend to seek shareholder approval for a name change in the foreseeable future.