- Ten Sixty Four (X64) terminates the executive services agreement of former Managing Director Paul Ryan Welker, effective immediately
- It was noted that Mr Welker did not disclose in writing that he had a direct financial interest in another company that entered a commercial contract with an entity within X64
- It was also noted he did not obtain written approval from the board to have or keep his interest in that company
- Mr Welker handed in his six months’ notice of his resignation on June 30 following his appointment to CEO in early March
- X64 ends the day 3.08 per cent in the red with shares trading at 63 cents
Ten Sixty Four (X64) has terminated the executive services agreement of former Managing Director Paul Ryan Welker, effective immediately.
It was noted that Mr Welker did not disclose in writing that he had a direct financial interest in another company that entered an important commercial contract with an entity within X64.
It was also noted he did not obtain written approval from the board to have or keep his interest in that company.
Until a replacement managing director has been appointed, Executive Chairman Jeffery McGlinn will continue to lead the company.
On June 30, it was announced Mr Welker had given X64 six months’ notice of his resignation, however as per the terminated agreement, Mr Welker will leave the company immediately.
Mr Welker was appointed CEO in early March, back when the company was known as Medusa Mining.
Prior to joining the company, Mr Welker worked for EAS Advisors in New York and held positions at Rio Tinto (RIO), Standard Bank and Hancock Prospecting.
He was appointed as a Non-Executive Director on March 3 following Medusa’s acquisition of Ten Sixty Four.
Mr Welker took over from Andrew Teo, however, no details were given as to why Mr Teo’s contract was terminated.
X64 has ended the day 3.08 per cent in the red with shares trading at 63 cents.