KGL Resources Ltd (ASX:KGL) is on the hunt for new leadership after managing director Simon Finnis announced his resignation today.
The outgoing MD will officially vacate his spot on May 20 and the board has released him from any requirements to see out his notice period
In an ASX announcement today, the KGL board thanked Finnis for his time at the helm, which saw him advance the Jervois Copper Project amid the COVID-19 pandemic.
Board changes
In addition to today’s announcement, directors Peter Hay and Denis Gately have advised they will not seek re-election to the KGL board.
As a result, both executives will cease their terms as directors following KGL’s annual general meeting, scheduled for May 31.
Hay has served on the board since November 2017 and the company said he had made a significant contribution to its operation and direction during that time.
Gately joined the board more recently in December 2021 and KGL remarked he had provided “invaluable support and assistance “to the board over this period.
What’s next?
As an interim measure, Denis Wood will assume the role of executive chairman, effective immediately, and the board will bring forward Jeff Gerard’s appointment as director to May 31, 2022, at the conclusion of the AGM.
Ferdian Purnamasidi remains a key member of the KGL board and, together with Gerard, will support the new executive chair as he focuses and reinvigorates the company’s direction.
In the meantime, the search for a replacement CEO and new non-executive directors has begun.
Wood also has the support of recently appointed chief operations officer Steven Rooney and a management team focused on delivering Jervois’ feasibility study.
Essentially, an updated mine plan for the copper camp, which is now under assessment, has provided the impetus for the company to press ahead with the feasibility study’s completion.
KGL will update stakeholders on the feasibility study with a status report at the AGM later this month.