LSE- and ASX-listed Danakali has reappointed nonexecutive chairperson Seamus Cornelius as executive chairperson.
He will also assume Niels Wage’s responsibilities as CEO.
Danakali explains that it has made the CEO role redundant, owing to ongoing serious disruption to international travel caused by the Covid-19 pandemic.
The company has reallocated the board-level structure, including reducing the basic board fee by 33% for all board members, while the board size will be further reduced following the company’s annual general meeting in the second quarter.
Cornelius previously served as executive chairperson from June 2018 to June 2019. He will be entitled to additional remuneration, given the additional duties he will be performing in his role.
Wage had assumed the role of CEO in March 2019.
The company is focused on the development of the Colluli sulphate of potash project, in Eritrea, with the start of production envisioned in 2022.