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Why the Resolute Mining (ASX:RSG) share price is edging higher today

The Resolute Mining Limited (ASX: RSG) share price is edging higher duing morning trade following a change in mangement. Here’s the details.
The post Why the Resolute Mining (ASX:RSG) share price is edging higher today appeared first on The Motley Fool Australia. –

Record copper price ASX shares A happy minner does the thumbs up in front of an open pit copper mine, indicating a surging share price in ASX mining shares

The Resolute Mining Limited (ASX: RSG) share price is edging higher during morning trade following two leadership changes.

At the time of writing, the Resolute share price is swapping hands for 59.2 cents, up 1.2%.

New appointment

Investors have been buying Resolute shares following the announcement of a reshape in its management team.

According to this morning’s release, Resolute advised it has appointed Mr Stuart Gale as its new managing director and CEO.

Since joining Resolute in January 2020, Mr Gale took up the role of chief financial officer, focusing on operational performance. However, from October that year, Mr Gale held the position of interim CEO following the departure of Mr John Welborn.

In Mr Gale’s time as acting CEO, he has implemented and overseen a number of key initiatives. This includes a review of business operations, management appointments, and strengthening internal systems while managing the finance division.

Resolute chair, Martin Botha welcomed Mr Gale’s permanent appointment, saying:

It gives me great pleasure to confirm Stuart’s appointment as MD and CEO of Resolute. Over the past six months the Board retained a leading global search advisor who undertook a comprehensive CEO candidate search process. Throughout this period, Stuart has provided excellent leadership as Interim CEO, and clearly proven himself as the leading candidate for the role. Achieving this while retaining his CFO duties is also testament to his professionalism and capability.

Mr Gale will take over the company reins effective from today. A new search will be conducted to find a new chief financial officer that Mr Gale leaves behind.

What else did Resolute announce?

In further news boosting Resolute shares, the company also welcomed Mr Terry Holohan as its new chief operating officer (COO).

Mr Holohan brings a wealth of experience, holding various executive and technical positions in Africa for over 30 years. In addition, Mr Holohan spent the last 10 years in Asia working for PT Archi Indonesia. His role involved developing and expanding a multi-open pit gold mine, transitioning from an exploration project to an operational mine.

New Resolute managing director and CEO, Mr Gale commented:

It’s great to have someone of Terry’s calibre join Resolute. He brings a proven track-record together with detailed and wide-ranging technical knowledge and experience. Terry has demonstrated his experience and innovation through successfully developing and operating several particularly complicated mining and processing projects and we are looking forward to capitalising on this at Resolute.

The company’s current COO, Mr David Kelly will oversee the smooth transition, and remain on the executive team.

Mr Holohan will assume the newly appointed COO role from 17 May 2021.

Resolute share price snapshot

Resolute shares have lost more than 40% of their value in the past 12 months. Year to date, the company’s shares have not fared much better, down roughly 25% on the back of the falling gold spot price.

Based on the current share price, Resolute commands a market capitalisation of about $645 million, with 1.1 billion shares outstanding.

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Motley Fool contributor Aaron Teboneras 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.

The post Why the Resolute Mining (ASX:RSG) share price is edging higher today appeared first on The Motley Fool Australia.

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