Kimberley Rare Earths (ASX: KRE) is kicking off a board restructure, with the aim of bringing in two non-executive directors to complement the company’s remaining board and senior management team.
The restructure is expected to be complete by the end of March, 2012.
The move was sparked by the decision by independent non-executive director Peter Rowe and non-executive director and chief financial officer Gerry Kaczmarek to step down from the company’s board.
Rowe will remain as a technical consultant to Kimberley, but will not seek re-election to the board at the company’s annual general meeting today, while Kaczmarek will remain on the board until completion of the restructure.
Rowe, who was appointed to the board in the early stages of the formation of Kimberley, has cited other board and professional commitments is his decision.
Kaczmarek’s resignation is due in part to Navigator Resources’ (ASX: NAV) reduced shareholding, a result of the recent in-specie distribution of Kimberley shares to Navigator shareholders.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/22727/kimberley-rare-earths-set-to-restructure-board-22727.html
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