- Oar Resources (OAR) welcomes Justin Richard as its new CEO and Managing Director, effective immediately
- Following a three-month probation, the new appointee will receive a fixed remuneration of $300,000 per annum plus superannuation, and will be responsible for undertaking an operational review of Oar Resource’s projects and strategy
- Following this, Christopher Gale will step down as Executive Chairman to become Non-Executive Chairman, after Justin Richard’s probationary period
- Meanwhile, Oar promoted Anthony Greenaway, its GM of exploration, to the board as a Non-Executive Director in the role of Technical Director, while Joseph van den Elsen announced his retirement from the role of Non-Executive Director
- Oar Resources last traded at 0.6 cents on January 31
Oar Resources (OAR) has welcomed a new CEO and Managing Director to its helm, effective immediately.
Justin Richard will step into the role of CEO and MD, bringing with him more than 15 years’ experience in senior international and resource sector roles.
Following a three-month probation, Justin Richard will receive a fixed remuneration of $300,000 per annum plus superannuation, along with up to 40 per cent of his base salary as a long term incentive, subject to achieving performance hurdles.
One million shares in the company will also be issued to the incoming CEO after 12 months of employment.
Mr Richard comes from Alara Resources where he held the role of Managing Director. In the position, he led the company through multiple capital raisings, a bankable feasibility study, a maiden ore result, and an offtake agreement.
In his new position, Justin Richard will undertake an operational review of Oar Resource’s projects and strategy, in order to determine the next steps moving forward.
“We are excited to have Justin join OAR at an important point in the company’s development, to assist OAR in progressing its project portfolio including the Crown nickel-copper-platinum group element Project and Nevada Gold assets,” Oar Resources Chairman Chris Gale said.
“I am confident in his ability and experience to lead the company through the next phase of its growth and to maximise value to shareholders.”
Following this, Christopher Gale will step down as Executive Chairman to become Non-Executive Chairman, after Justin Richard’s probationary period.
Meanwhile, Oar promoted Anthony Greenaway, its GM of exploration, to the board as a Non-Executive Director, in the role of Technical Director.
The move is hoped to strengthen the level of technical expertise at board level and broaden the capability of OAR’s existing management team.
Joseph van den Elsen has also announced his retirement from the role of Non-Executive Director after two years in the role.
Oar Resources last traded at 0.6 cents on January 31.