Richard O'Brien will takeover as president and CEO of Boart Longyear (ASX:BLY) this spring, the company announced today.
O'Brian most recently led Newmont Mining Corporation. He has 25-years experience.
In the fall the board fired CEO Craig Kipp due to the company's flagging stock price. The board's chairman, David McLemore, served as interim CEO.
The drilling services provider is labouring under the tough junior market. Boart Longyear's stock has dropped 44% over the last year. The stock is currently trading at $1.97. It's 52-week range is $1.09 to $4.41.
Boart Longyear Announces the Appointment of Richard O’Brien as New President and CEO, Also Appoints New Chair of the Board
Boart Longyear Limited (ASX:BLY) – Boart Longyear’s Board of Directors today announced the expected appointment of experienced mining and energy services industry leader, Mr Richard O’Brien, as President and CEO of the Company, effective 1 April 2013.
Most recently serving as President and CEO of NYSE-listed Newmont Mining Corporation, one of the world’s largest gold producers, Mr O’Brien brings 25 years of operational and financial experience in the natural resources, energy and power sectors to his new role. Boart Longyear’s Board said the appointment followed a comprehensive international search in which a range of strong internal and external candidates were considered. It said Mr O’Brien’s background made him ideally suited to lead Boart Longyear at this time.
Mr O’Brien has served as Newmont’s CEO for six years as well as its CFO prior to becoming CEO. Newmont Mining operates mines in North and South America, Australia, Indonesia, New Zealand and Africa. Prior to Newmont Mining, Mr O’Brien‘s executive roles included Executive Vice President and CFO of U.S. energy services company AGL Resources, and Chief Operating Officer and CFO at PacifiCorp, a western U.S. utilities company. He holds a Bachelor’s of Arts in economics from the University of Chicago and a doctor of jurisprudence degree from Lewis and Clark Law School.
Mr O’Brien said, “I am honoured to be joining the Boart Longyear team and look forward to building upon the Company’s remarkable heritage and innovative spirit to deliver increased value to Boart Longyear’s customers and shareholders.”
The Company will announce the terms of Mr O’Brien’s employment when they are finalised following the completion of his employment with Newmont in March.