- New Hope Corporation (NHC) CEO Reinhold Schmidt has resigned, effective immediately
- Mr Schmidt has been CEO at New Hope since August 2020 following leadership positions at a number of companies
- Chair Robert Millner says Mr Schmidt led the company through a “challenging” time for the business and materials sector
- Current Chief Financial Officer Rob Bishop will step into the role of Acting CEO
- Company shares have been trading down 4.68 per cent to trade at $2.24
New Hope Corporation (NHC) CEO Reinhold Schmidt has resigned.
His resignation follows a short period of personal leave and is effective immediately.
Mr Schmidt was CEO at New Hope from August 2020. Prior to that, he worked in leadership roles for Yancoal Australia, Xstrata Coal and Glencore.
New Hope has business interests and operations across coal mining, exploration, port operations, oil, agriculture, innovative technologies and investment.
The company’s New Acland coal mine on Queensland’s Darling Downs has been on care and maintenance since November as a result of long-running disputes over environmental clearances.
Company Chair Robert Millner said Mr Schmidt led the New Hope through a “challenging” time for both the business and the industry.
“He delivered organisational changes that positioned the business to withstand the downturn in commodity prices experienced early FY21 and achieve outstanding returns as markets have improved. We are grateful to Mr Schmidt for his contributions to the business and wish him well in the future.”
Current Chief Financial Officer Rob Bishop will step into the role of Acting CEO and will receive a higher duties allowance of $230,000 per annum, pro-rata for the term of his
appointment.
All other terms and conditions of Mr Bishop’s employment will stay as they are.
“The outlook for the company is positive and the board looks forward to working with Mr Bishop and the leadership team to successfully deliver the company’s purpose and strategy.”
Company shares were down 4.68 per cent to trade at $2.24 at 3:18 pm AEDT.