JOHANNESBURG (miningweekly.com) – Following the failed takeover of Brazil-focused Crusader Resources and the subsequent departure of Marcus Engelbrecht, Aim-listed Stratex International has invited its former CEO, Dr Bob Foster, to rejoin the company to review and formulate a strategy.
Foster will join Stratex on an interim basis and on similar terms to those when he left as CEO in August last year. Initially, his appointment will be in a management position pending the completion of regulatory due diligence, after which his appointment as director and CEO will be confirmed.
Announcing the CEO appointment on Wednesday, Stratex explained that Foster would initially independently review the company’s position and strategy, and would consider the most appropriate means and opportunities to develop Stratex.
“The board welcomes Bob’s return as CEO at this important juncture for the company. He has a unique history with the company that will be highly valuable in reviewing and formulating the company’s strategy,” said chairperson Peter Addison in a statement.
Engelbrecht’s departure from Stratex followed a general meeting last week where shareholders passed a resolution to remove him from the company’s board. His employment as CEO was subsequently terminated. The general meeting also passed a resolution to terminate a merger with ASX-listed Crusader.
Two former Stratex directors and current shareholders, David Hall and Paul Foord, have been critical of the Crusader deal since it was first announced in May. Hall and Foord have proposed a merger of Stratex with privately held Thani Stratex, of which they are CEO and CFO, respectively.