- Lindian Resources’ (LIN) Chief Executive has been stood down just three months after he was appointed to lead the company
- The materials stock told the market on Monday it had mutually terminated CEO Danny Keating’s contract, effective immediately
- Lindian chalked the termination up to COVID-19’s impacts, which kept the former CEO from travelling from the U.K. to Australia
- While it searches for a new Chief Executive, Lindian’s Chief Operating Officer and Chief Financial Officer, David Sumich, will take on the role and share his responsibilities with the board
- As a result of the termination, a resolution to issue options to Danny Keating — which was prepared for Lindian’s upcoming AGM — has also been scrapped
- Lindian shares fell 5.26 per cent following the news, trading for 1.8 cents
Lindian Resources’ (LIN) Chief Executive has been stood down just three months after he was appointed to lead the company.
The materials stock told the market on Monday it had mutually terminated CEO Danny Keating’s contract, effective immediately.
“The hard border closures and other travel restrictions imposed due to the COVID-19 pandemic have prevented Mr Keating, who resides in the United Kingdom, from travelling to the company’s head office in Australia and interacting with company shareholders and staff,” Lindian said today.
“The company thanks Mr Keating for his contribution during his time as CEO and wishes him well in his future endeavours,” it stated.
Danny joined the Lindian team in August this year with over 25 years’ experience in the mining industry. He spent 10 years developing bauxite projects in Papua New Guinea, and in the past served as CEO at Dynamic and Alufer Mining.
While it searches for a new Chief Executive, Lindian’s Chief Operating Officer and Chief Financial Officer, David Sumich, will take on the role and share his responsibilities with the board.
As a result of the termination, a resolution to issue options to Danny Keating — which was prepared for Lindian’s upcoming AGM — has also been scrapped.
Lindian shares fell 5.26 per cent following the news, worth 1.8 cents at 3:00 pm AEDT.