Ann: Peter Wade retires as Chairman, page-2

https://thewest.com.au/business/mining/chairman-peter-wade-bows-out-of-mineral-resources-c-5896294
Chairman Peter Wade bows out of Mineral Resources

Daniel NewellThe West Australian
Wed, 2 March 2022 7:09AM
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Daniel Newell


Peter Wade was MinRes’ inaugural managing director. Credit: Simon Santi/Kalgoorlie Miner


The man who has spent more than two decades helping to build Chris Ellison’s Mineral Resources into a mining and resource services behemoth has announced his departure from the company.

MinRes said on Wednesday it had accepted Peter Wade’s decision to retired as chairman and appointed James McClements in his place, in line with a succession plan that “has been in place for some time”.

Mr Wade was appointed managing director of Crushing Services International and PIHA in 1999 and, later, Process Minerals International in 2002. The companies would later became the building blocks on which MinRes was born before its listing on the Australian Securities Exchange in 2006.

He was MinRes’ inaugural managing director, appointed executive chairman in 2008 and took on the role of non-executive chairman in 2012.

Mr Ellison paid tribute to Mr Wade’s contributions.
“When Peter joined us in 1999, he arrived with a reputation as a distinguished and impressive leader in Australia’s engineering, contracting and construction sectors,” he said.
“Peter leaves MinRes with all the acclaim he deserves for the leadership, expertise and guidance he has provided to our company — and its foundation subsidiaries — to enable us to become the well-respected market leader we are today.
“I cannot thank him enough for his service, dedication and commitment over so many years. Peter remains a close friend of mine and I wish him all the very best in his well-deserved retirement.”

Mr Wade said he never expected MinRes to enjoy the successes it has.
“I am proud and honoured to have played a small role in this performance,” he said.
“MinRes is now a mature and strong business and the time is right for me to pass the baton to the next generation of leaders.
“I have loved my journey with MinRes but am also looking forward to spending more time with my family, including my grandchildren. As a shareholder, I will continue to watch the Company’s progress with interest and pride.”

Pilbara-raised Mr McClements joined the MinRes board in 2015 and is the company’s lead independent non-executive director.
He began his career with BHP. He later worked for Standard Chartered Bank in Perth and N.M. Rothschild & Sons in Sydney and Denver before co-founding in 1998 Resource Capital Funds, a global investor in the mining industry.

News of the shake-up comes just a week after MinRes escaped regulatory sanctions over a shock plunge in interim profit that savaged its shares.
The ASX issued a queried in the wake of the February 9 result, which sought assurances that MinRes had not breached disclosure rules.
There has been speculation that MinRes had been asked for board papers as part of a regulatory probe.
But the ASX said it had been satisfied by MinRes’ February 14 reply to the query that it was in compliance with its disclosure obligations.

MinRes’ December-half profit crashed 96 per cent to $19.2m, with the company blaming soaring shipping and haulage and operating costs, supply chain and labour tightness, lower iron ore prices and increased royalty payments.
The result, which was accompanied by the cancellation of the company’s interim dividend, was much worse than expected and sent MinRes shares up to 10 per cent lower on the day.