- Australian resources company TNG Limited (TNG) is set to make major changes to its board of directors, including replacing current CEO and managing director Paul Burton
- The company says the changes come as it works to transition to development and production at its Mount Peak critical mineral project
- TNG has now launched a global search for a CEO with the skills to help progress work at Mount Peak
- Two non-executive directors will also step down from the board and the company plans to recruit new members with experience on ASX boards, major projects and resources
- Shares of TNG fell 5.77 percent to trade at 12.3 cents at 12:28 a.m. ET
TNG Limited (TNG) has announced some major changes to its board of directors and senior management team, including the replacement of current CEO and managing director Paul Burton.
The company said the changes were part of a board renewal process as it worked to transition to development and production at its critical Mount Peak mineral project in the Northern Territory.
The company has launched a global search for a new chief executive and Mr Burton is set to remain in the role for another six months before stepping down when a replacement is found. Mr Burton will then take on an executive consultant role with the company and potentially manage TNG’s battery minerals assets.
TNG non-executive chairman Neil Biddle said the company was at an “inflection point” with the Mount Peak project and had the opportunity to bring in a CEO with a new skill set, while drawing on Mr Burton’s experience to bring the project into production.
“The collective impact of these management and strategic initiatives will be to put TNG on the fast track to the Mount Peak project and create a world-class critical minerals business that delivers a suite of key prospective metals required for the global energy transformation. ” said Mr Biddle.
Non-executive director John Elkington will also leave the company’s board of directors, but will remain in an advisory capacity.
The company has also decided that it will not be listed on the London Stock Exchange and as a consequence no longer needs a London director, so non-executive director Elizabeth Henson will leave the board.
The company now plans to recruit additional board members with experience on ASX boards, major projects and resources.
The search for a new CEO followed discussions with the company’s major shareholders and will be led by Mr Biddle.
TNG shares were down 5.77 percent to trade at 12.3 cents at 12:28 a.m. ET.