Exiting CEO of VMY, Mike Young. Source: Vimy Resources
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  • Vimy Resources’ (VMY) Managing Director and CEO Mike Young to step down after seven years in the role
  • The company hasn’t provided a reason for his resignation but says Mr Young will continue to consult to Vimy on a contract basis for six months
  • Managing Director in FTI Consulting’s Corporate Finance practice, Steven Michael, will step in as interim CEO while VMY starts the executive search
  • VMY is awaiting government approvals for its Mulga Rock project in Western Australia and a transitional management team will now progress this work
  • Shares are trading in the grey at 11.5 cents at 10:10 am AEST

Vimy Resources’ (VMY) Managing Director and CEO Mike Young has decided to step down after seven years in the role.

The company hasn’t provided a reason for his resignation but said Mike would continue to consult to Vimy on a contract basis for six months.

At the end of May, Vimy announced it had engaged FTI consulting to provide project co-ordination and strategic advisory services.

Now, this partnership has been taken further with Steven Michael, Managing Director in FTI Consulting’s Corporate Finance practice, stepping in as interim CEO of VMY, while the company begins the executive search process.

The news comes as the company works towards obtaining the remaining necessary Government approvals for its flagship Mulga Rock Project located east-north-east of Kalgoorlie in the Great Victoria Desert of Western Australia.

Last week the VMY announced it had received government approval for the management plan of the project and it was awaiting a further two approvals to implement the project.

Mr Young said Mulga Rock was a “quality deposit” and a transitional management team would now progress the remaining approvals and move towards project financing and development.

Commenting on his resignation, Vimy’s Chairman Cheryl Edwardes said she was pleased Mike would continue to consult with Vimy.

“Mike has worked extremely hard and selflessly over recent years to advance Mulga Rock and position Vimy on the cusp of developing this flagship project,” she said.

“He has made a substantial contribution and Vimy has been a large beneficiary of his drive and commitment.”

Shares were trading in the grey at 11.5 cents at 10:10 am AEST.

VMY by the numbers
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