Atlas cuts board numbers and director pay
PERTH (miningweekly.com) – Iron-ore miner Atlas Iron has announced the resignation of two of its board members, as the company continued its focus on cost efficiencies.
Independent nonexecutive director Geoff Simpson has offered to resign from his board position, while executive director Mark Hancock has also offered to step down from the board, while remaining with the company as chief commercial officer.
The latest resignations followed the September resignation of nonexecutive director Kerry Sanderson, who was appointed as Governor of Western Australia.
The three resignations reduced the Atlas board from nine to six.
Meanwhile, the remaining directors have offered to reduce their remuneration by 15%, effective from the start of December, as part of the company’s ongoing cost reduction programme, which was targeting between A$65-million and A$90-million of annual savings by June next year.
The brunt of the cost savings would be managed through productivity improvements at the company’s Pilbara operations.
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