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Crusader cuts executive pay, updates board

15th May 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed metals developer Crusader Resources on Wednesday announced plans to reduce overheads and to overhaul its board, following a comprehensive review.

The company said that its directors and executive team had agreed to a 20% pay cut, which reflected the current market conditions. Changes have also been made to the board, with acting chairperson Stephen Copulos taking on the role on a permanent basis.

To further align with the interest of shareholders, Copulos announced that the company would also be issuing share options to directors and senior employees.

Furthermore, nonexecutive director Justin Evans has stepped down from the board, while John Evans has been appointed as a nonexecutive director.

“We will be forever in debt to Justin as a founder and director of Crusader - he has been a valuable contributor and fundamental to our growth over the company’s history,” said Crusader MD Rob Smakman.

John Evans has held a number of company directorships, including in the mining services industry. He was currently the nonexecutive chairperson of ASX-listed Intermoco.

Edited by Creamer Media Reporter

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