- FAR (FAR) Managing Director Catherine Norman has been terminated from her role and has resigned as a Director of the company
- The change is effectively immediately with independent Chairman Patrick O’Connor to oversee the business during a period of transition
- While Mr O’Connor thanked Ms Norman for her significant contribution to the company, he says it’s time for a fresh perspective
- In accordance with Ms Norman’s employment contract, she will remain available during her 12-month notice period to assist with any transitional matters as required
- Company shares are trading 15.7 per cent higher at 81 cents
FAR (FAR) Managing Director Catherine Norman has been terminated from her role and has resigned as a Director of the company.
The change is effective immediately and has seen the company share price jump 15.7 per cent in morning trade.
Independent Chairman Patrick O’Connor has been tasked with overseeing the business during the transition period.
According to the company, Mr O’Connor has more than three decades of board and senior management experience across multiple industries including mining and oil and gas exploration.
In accordance with Ms Norman’s employment contract, she will remain available during her 12-month notice period to assist with any transitional matters as required.
While Mr O’Connor thanked Catherine for her significant contribution to the company, he said the time had come for a fresh perspective to ensure the company explores every opportunity to realise value for shareholders.
Ms Norman’s leave from the company wasn’t completely unexpected, following a growing band of angry retail shareholders led by Jeremy Raper, the founder and manager of Raper Capital, who holds 1.5 per cent of the company had been calling for Ms Norman’s removal.
Last month Mr Raper published an open letter to Mr O’Connor, following what he claimed was a “lack of engagement” in a takeover offer from investment firm Samuel Terry.
In the letter he said shareholders had endured a “decade of maladministration under its current leadership”.
Today, Mr Raper took to Twitter to share his reaction to the company’s executive change.
FAR reaffirmed it is focused on its strategy which seeks to reflect the underlying asset value in the FAR share price, which first tumbled from $13.50 to around $6 between November 2018 and January 2019.
Company shares were trading 15.7 per cent higher at 81 cents at 11:54 am AEDT.