- Canyon Resources’ (CAY) founder, Phillip Gallagher, is leaving his role as Managing Director after 12 years
- The bauxite developer says the decision was mutual and is part of the company’s “evolution”
- CEO Jean-Sebastien Boutet will now lead the company and drive the funding and construction phases of the Minim Martap bauxite project in Cameroon
- Company shares are up 2.13 per cent to trade at 4.8 cents at 2:04 pm AEST
Canyon Resources’ (CAY) founder, Phillip Gallagher, has concluded his role as Managing Director after 12 years.
As previously announced, Mr Gallagher was to continue with the company as a Non-Executive Director, however, by mutual decision, he’ll be stepping away from the board, effective immediately.
Canyon didn’t reveal further details on Mr Gallagher’s earlier-than-planned departure, but stated it’s part of the “evolution of the company”.
Mr Gallagher served as MD since the company listed on the ASX in 2010. Since then, Canyon Resources secured the Minim Martap bauxite project in Cameroon and has advanced it to the recent completion of a bankable feasibility study (BFS).
“On behalf of the board, I would like to acknowledge Phil’s significant effort and contribution to Canyon since the company’s founding,” Chairman Cliff Lawrenson said.
Canyon CEO Jean-Sebastien Boutet will now lead the company and drive the funding and construction phases of the Minim Martap project.
“Jean-Sebastien has significant experience in the operation and marketing of West African bauxite projects and the board is confident that he is the right person to lead Canyon into the next phase of development at the Minim Martap project,” Mr Lawrenson added.
Mr Gallagher will reportedly continue to provide consulting services to assist Mr Boutet and the company when needed.
Company shares were up 2.13 per cent to trade at 4.8 cents at 2:04 pm AEST.