- Henri Tausch resigns as President and CEO of 5E Advanced Materials (5EA), effective October 31
- The company told investors Mr Tausch’s decision was based on “personal reasons”
- Executive Director Anthony Hall will step in to lead the company from November 1 while 5E searches for a replacement for Mr Tausch
- 5EA also released its full-year financial results today, reporting project expenses increased 119 per cent year-on-year due to construction preparation for its small-scale boron facility
- While the company ended its fiscal year with a net income loss of $66.7 million, it maintained a cash balance of $31 million and working capital of $23.6 million
- Shares in 5E Advanced Materials are down 0.85 per cent to $2.32 at 11:19 am AEST
Henri Tausch has resigned as President and CEO of 5E Advanced Materials (5EA), effective October 31.
Mr Tausch said the decision was due to “personal reasons”.
5E Chairman David Salisbury said Mr Tausch helped lead the company’s re-domiciliation to the US and its subsequent listing on the Nasdaq exchange.
“His leadership was important during this process and has resulted in the company having a solid position to build into the US,” Mr Salisbury said.
“The strong leadership team assembled during his tenure will continue executing the company’s strategy to become a fully integrated global leader in boron and lithium advanced materials.”
Executive Director Anthony Hall will step in to lead the company from November 1 while 5E searches for a replacement for Mr Tausch.
The company said with more than 25 years of experience under his belt, Mr Hall’s expertise lay in strategy, venture capital, risk management and compliance.
For the past 11 years, Mr Hall has been managing listed companies, serving as the founding CEO and Managing Director of ASX-listed Highfield Resources (HFR) company in 2011.
He oversaw the company from a $10 million IPO to an ASX 300 company and successfully stewarded American Pacific Borates, the former parent company of 5E, to a NASDAQ primary listing in March as a founding director.
Mr Hall holds a Bachelor of Laws (Honours), Bachelor of Business in Accounting and Finance, a Graduate Diploma of Applied Finance and Investment, and is an Associate of the Governance Institute of Australia.
In other news, 5E today released its full-year report for the 2022 financial year, reporting a 119 per cent year-on-year increase in project expenses due to construction preparation for its small-scale boron facility.
While the company ended its fiscal year with a net income loss of $66.7 million, it maintained a cash balance of $31 million and working capital of $23.6 million.
Shares in 5E Advanced Materials were down 0.85 per cent to $2.32 at 11:19 am AEST.