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Mineral Resources (ASX: MIN) founder and managing director Chris Ellison will remain in his role indefinitely after the company scrapped a previously announced succession plan. This decision follows an investigation over a year ago, which found Ellison misused company funds and evaded taxes.
At the annual general meeting in Perth, chairman Malcolm Bundey stated that the board reviewed the succession plan and found it outdated. He emphasized a rigorous transition process, which will involve a three-stage leadership succession program designed by recruitment firm Korn Ferry and consultancy Xperience.
In recent developments, Mineral Resources reported a $765 million sale of a 30% stake in its lithium business to POSCO Holdings. Despite challenges, Ellison remains focused on business continuity, particularly ramping up the Onslow Iron project and reducing debt.
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