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Andromeda (ASX:ADN) share price edges lower on board reshuffle

The company is on the look out for a replacement.
The post Andromeda (ASX:ADN) share price edges lower on board reshuffle appeared first on The Motley Fool Australia. –

The Andromeda Metals Ltd (ASX: ADN) share price is slightly in the red today. This comes after the mineral exploration company announced a change to its board team.

At the time of writing, Andromeda shares are down 1.88% to 15.7 cents. In comparison, the All Ordinaries Index (ASX: XAO) is up 0.5% to a record high 7,866 points.

Board reshuffle

In a statement to the ASX, Andromeda advised that Nick Harding has tendered his resignation from the board. Mr Harding served as an executive director and company secretary to the company.

In his past 11 years, Mr Harding assisted Andromeda to grow from a junior explorer to an established player in the mining industry. However, he has since decided to retire and pursue other opportunities and personal ambitions.

As such Andrea Betti has been appointed as the interim company secretary until a permanent replacement is found.

Ms Betti, a corporate governance professional, brings over 20 years of experience specialising in accounting, corporate governance, finance and corporate banking. Furthermore, Ms Betti has acted as company secretary for a number of businesses in the private and public sectors.

Currently, she is a director of a corporate advisory firm located in Perth, Western Australia.

Ms Betti is a member of the Institute of Chartered Accountants in Australia and New Zealand and an associate member of the Governance Institute of Australia. She holds an array of qualifications that most notably include a Bachelor of Commerce and a Master of Business Administration.

Mr Harding will continue to contribute in a consulting capacity through a handover phase.

Andromeda chair, Rhod Grivas commented:

On behalf of the Board of Andromeda, I would like to extend our sincere thanks to Nick for his efforts and contribution to the Company over the many years he has served as a Director, CFO and Company Secretary.

Nick has given distinguished service to the Company for more than 11 years and his substantial contribution in guiding the Company through some lean years and the significant transactions that have led to the Company being where it is today, are to be commended. We wish Nick all the very best for the future.

About the Andromeda share price

Andromeda shares have fallen roughly 40% year-to-date, but have risen 200% over the past 12 months. The company’s share price reached a record high of 45 cents in March, before being sold off in the following months.

Andromeda commands a market capitalisation of around $387.5 million, with more than 2.4 billion shares on its registry.

The post Andromeda (ASX:ADN) share price edges lower on board reshuffle appeared first on The Motley Fool Australia.

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More reading

Here’s why the Andromeda Metals (ASX:ADN) share price is jumping 13%

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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