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- Oar Resources (OAR) appoints Paul Stephen as its new CEO, effective immediately
- The company says the new CEO brings a strong knowledge of operations and compliance across multiple jurisdictions, having held directorships of ASX and LSE-listed companies
- Chair Chris Gale says Mr Stephen joins the company at an “important” point in its development and will help deliver the next phase of its strategy
- Oar’s former CEO and Managing Director, Justin Richard, who was appointed in February, resigned at the end of April after completing his three-month probation period
- OAR shares last traded at 0.6 cents
Oar Resources (OAR) has appointed Paul Stephen as its new CEO, effective immediately.
The new CEO has held directorships across both ASX and London Stock Exchange-listed companies, and Oar said he had a strong knowledge of operations and compliance across multiple jurisdictions.
Back in 2009, Mr Stephen was the co-founder and Executive Director of Crusader Resources, where he oversaw the discovery, development and operations of the Posse iron ore mine in Brazil.
In joining OAR, Mr Stephen will receive an annual salary of $300,000 and be eligible for long-term incentives of up to 40 per cent of his base salary, subject to achieving key performance indicators.
Chair Chris Gale said Mr Stephen joined the company at an “important” point in its development.
“Paul brings a wealth of experience, having delivered projects from discovery through to production, which will help ensure OAR successfully delivers the next phase of its critical mineral development strategy,” Mr Gale said.
The company also told investors today that Mr Gale would now move to the board position of Non-Executive Chairman.
Oar’s former CEO and Managing Director, Justin Richard, who was appointed in February this year, resigned at the end of April after completing his three-month probation period.
The company’s exploration manager, Ross Cameron, was overseeing day-to-day operations following Mr Richard’s resignation.
OAR shares last traded at 0.6 cents.
