- Medusa Mining (MML) has appointed Non-Executive Director Paul Ryan Welker as the company’s new CEO following the termination of Andrew Teo’s contract
- Mr Welker held positions at Rio Tinto, Hancock Prospecting, Standard Bank and recently served as a Non-Executive Director of Mineral Resources
- Mr Welker was appointed as a Non-Executive Director of Medusa on March 3, following its acquisition of Ten Sixty Four Limited, a company that Mr Welker co-founded
- Mr Welker will receive a fixed remuneration package of $500,000 per annum, inclusive of superannuation and started in his role as Managing Director on March 8
- MML shares are up by 2.50 per cent, trading at 82 cents per share
Medusa Mining (MML) has appointed Non-Executive Director Paul Ryan Welker as the company’s new CEO following the termination of Andrew Teo’s contract.
Prior to moving back to Australia in 2019, Mr Welker worked for EAS Advisors in New York, where he advised and raised more than $2 billion for dozens of ASX, LSE, TSX and AIM-listed companies.
Prior to EAS, Mr Welker held positions at Rio Tinto, Hancock Prospecting, Standard Bank and recently served as a Non-Executive Director of Mineral Resources following the acquisition of Ten Sixty Four Limited, a company Mr Welker had co-founded.
He is currently the Co-Founder and Chairman of private company Vitrinite which operates the Vulcan Coal Complex in Queensland’s Bowen Basin, adjacent to the 1064 Drummond Basin gold exploration projects.
Mr Welker was appointed as a Non-Executive Director of Medusa on March 3, following its acquisition of Ten Sixty Four Limited, a company that Mr Welker co-founded.
“Ryan’s significant experience in the small-mid cap resources space is extremely relevant to the business as we look to continue our consistent operational performance at the Co-O Gold Mine in the Philippines and pursue growth from our new exploration assets in Queensland,” said MML Chairman Mr Jeffrey McGlinn.
“Ryan brings a new perspective and energy to the role and we are excited about where he can take [Medusa] under his leadership”.
Mr Welker will receive a fixed remuneration package of $500,000 per annum, inclusive of superannuation and started in his role as Managing Director on March 8.
He will also be issued two million options to subscribe for ordinary shares in Medusa at an exercise price of $1.30 per option and will vest on March 8, 2025. The options will expire on March 8, 2026, if they have not been validly exercised prior to that date.
Medusa’s former CEO Mr Andrew Teo is entitled to a termination payment equivalent to six months of his fixed remuneration package. Mr Teo has been on Medusa’s Board of Directors since February 2010 and served as Chairman from November 2013 until June 2020, when he then transitioned to serve as Interim CEO of Medusa and was appointed Managing Director of the Company in March 2021.
Medusa has not said why Mr Teo’s contract had been terminated.
MML shares were up by 2.50 per cent, trading at 82 cents per share at 2:20 pm AEDT.