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Yancoal Australia (ASX:YAL) has begun the search for a new chief executive officer after David Moult suddenly called time after five years at the helm.
Moult, who reigned through a sparkling half-decade that saw the dual-listed Aussie coal miner add 120% in company valuation, decided to retire to spend more time on other business engagements he’s involved in.
“It has been a great honour to lead Yancoal these past five years,” Mr Moult wrote.
The veteran CEO came on board at a time when the just-emerging COVID-19 pandemic and years of excessive wet weather were weighing quite heavily on the miner.
“During the recent holidays, I took the time to reflect on my time with Yancoal, the capacity it possesses to pursue further opportunities and the highly capable executives and operational personnel across the company,” the now ex-Yancoal boss said. His conclusion: “It is the opportune time to step down.”
Perhaps the only surprising detail is that Mr Moult is leaving immediately, though not because of any disagreements; he and the board are parting amicably.
Yancoal’s chairman, Gang Ru, made that much clear with his parting message to the long-serving CEO: “It is with the warmest wishes and highest regard we accept David’s decision. David readily took on the challenge when asked to become CEO five years ago and has been an effective leader through his time in the role.”
Until a replacement is found, Yancoal’s chair of the executive committee, Ning Yue, will be in charge. He was chosen due to his 20 years of experience.
HotCopper understands there’s no clear frontrunner for the role just yet.
Before Moult, the $7.8 billion coal giant was guided by Reinhold Schmidt from 2013 to mid-2020 when he departed to join New Hope Corporation (ASX:HNC).
The company was first founded in 2004 after acquiring the Austar coal mine in the Hunter Valley. It first listed on the ASX in 2012 and then became a dual-listed company – it’s also on the Hong Kong Stock Exchange – in 2018.
Yancoal boasts coal production numbers that stretch as high as 13.9M tonnes a quarter.
The mining company last sold for $5.94 a share after a 0.08% dip.
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