Ann: Appointment of CFO , page-4

Like my second wife said after my first dumped me - someones trash is anothers treasure !


NRW Holdings' chief financial officer quit after learning he was to be replaced as part of efforts to beef up management at the mining services company.


NRW told the market late yesterday that Mark Wallace left last week and that identification of a new CFO was "well advanced". Group financial controller Tony Raschella is acting in the role until the appointment is finalised.

Mr Wallace's departure is believed to be unrelated to NRW's annual results, due out next week. The company said it expected the result to be in line with a 20 per cent downgrade in profit guidance made in June.

The former CFO had been with the company since 2008. According to a report in The West Australian, Mr Wallace got wind of the recruitment process and resigned with immediate effect.

Staff were told of his departure at lunchtime on Friday. NRW defended its decision not to announce the move until after the market closed yesterday, saying the news was not price-sensitive.

The company is understood to have made the announcement because some big shareholders were asking for information about the move.

Managing director Jules Pemberton declined to discuss the reasons for Mr Wallace's departure.

It's understood the contractor sought a replacement in line with a strategy of pursuing new opportunities, including potential acquisitions.

To achieve that, NRW wants to increase the size of its four-member board and bring in new executives. The strategy is based around the idea that good opportunities can arise during difficult times. Mr Raschella is a 10-year company veteran and believed to be a candidate for the CFO role.

The company went through rapid growth during Mr Wallace's time as CFO, last year attaining a market value of $1 billion and posting a 136 per cent profit increase to $97 million.

But in the course of the mining downturn, investors have pummelled iron ore and coal-focused NRW's shares to three-year lows of less than $1. NRW is tipping annual profit of $73 million to $76 million.


http://www.myresources.com.au/news/27-latestnews/8527-cfo-goes-in-nrw-shake-up