Zinifex Appoints Andrew Michelmore as Chief Executive Officer.
Zinifex announced the appointment of Andrew Michelmore to the role of Chief Executive Officer and Managing Director. Mr Michelmore commences immediately with the implementation of the board’s growth strategy and the familiarisation of the company and its people. He will assume full-time operational responsibility from 1 February 2008.
Mr Michelmore will join Zinifex after two years as CEO of Russian energy and aluminium company EN+ Group. Prior to that he was CEO of leading Australian resources company WMC Resources Limited for more than two years, during which time the company’s market capitalisation almost doubled. In his 12 year career at WMC Resources Limited Andrew was responsible for significant improvement in operational reliability across all divisions of the Company.
“The Board believes Andrew’s vast experience in the global resources business makes him the ideal person to carry forward Zinifex’s strategy to grow our mining business,” Zinifex’s Chairman, Peter Mansell commented.
“Andrew is an outstanding resources executive and CEO with an international reputation. Whilst Andrew assumes fulltime operational duties from 1 February, he will be involved immediately in all strategic matters and will be taking time to familiarise himself with our business.”
In accepting the role, Mr Michelmore said, "Zinifex has excellent mining assets. It has a strong position in the zinc market, which along with all resources is experiencing a once in a generation period of exceptional growth.
“I’m excited about the opportunities to continue to build Zinifex into a mining company of international standing. I am united with the Board that, in implementing Zinifex’s growth strategy, we will continue to increase shareholder value.”
Since listing in 2004 Zinifex has delivered excellent returns to its shareholders and recently it completed a transformation from an integrated mining and smelting business to a focused mining company. The sale of the smelting business provides Zinifex with a substantial pool of funds which can be applied to grow the mining business.
Summary of the key terms and conditions of the appointment of Andrew Michelmore as Chief Executive Officer of Zinifex Limited
Chief Executive Officer and Managing Director
Commencement Date and Term
Immediately, with full-time operational duties from 1 February 2008. Ongoing, subject to 12 months notice by either party. Zinifex may terminate without notice in the event of serious misconduct.
Base salary: $1.9 million with annual reviews commencing 1 July 2009.
Short term incentive: An annual opportunity of up to a maximum of 100% of base salary subject to achieving agreed targets in accordance with Zinifex’s short term incentive plan.
Long term incentive: An annual opportunity to receive an allocation of zero priced Zinifex shares up to a maximum value of 160% of base salary with a 3 year vesting period and subject to Zinifex achieving total shareholder return ranking targets as outlined under Zinifex’s long term incentive plan.
Other: In consideration for a 6 month restraint of trade, $1 million of Zinifex shares will be allocated in 3 parcels vesting equally on each of the first 3 anniversaries of commencement of employment.
Payments on termination: In the event the CEO’s employment is terminated without cause (including in circumstances where a fundamental change occurs resulting in the CEO terminating the employment), lump sum separation payment equivalent to one year’s base salary plus STI and LTI vesting (at the Board’s discretion) and accrued statutory entitlements.
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