Julian Hanna to step down as Western Areas Managing Director

THE BOURSE WHISPERER: After 12 years at the helm of Australian-based nickel sulphide explorer and producer Western Areas Julian Hanna has announced he will be stepping down as managing director of the company at the end of January 2012.

 

Hanna was one of the founders of a small nickel exploration play in January 200 that was to become Western Areas, which is now one of Australia’s largest nickel mining companies.

Today Western Areas operates two of the highest-grade, lowest cost nickel mines in the world and boasts a sound balance sheet and a global portfolio of quality nickel projects.

The company now employs approximately 700 people as staff, consultants and contractors in a wide range of roles including exploration, mining, processing, transport, logistics and administration.

Although he may be out of sight of the Western Areas’ offices, Hanna won’t be out of mind as he has agreed to remain on the Board as a non-executive director and consultant to the company as it continues to identify and develop growth opportunities.

If that isn’t enough to keep him busy Hanna will be Western Areas’ representative on the Board of FinnAust Mining as its chairman.

FinnAust is planning to be listed on the boards of the London AIM market in early 2012.

Western Areas said it has plans to appoint a new managing director to replace Hanna.

The person in question will have some fairly big safety boots to fill but the company said it anticipates whoever it is will be able to drive the transition of Western Areas into its next major growth phase.

Such a move is obviously not one that is made overnight so Hanna and the Western Areas Board have been mulling over potential candidates and succession planning for several months.

The company has turned to the services of a specialist recruitment firm to identify a suitable replacement from a number of candidates both external and internal to the company.

An announcement is expected to be made regarding the outcome of the company’s search by the end of December.

“Julian has played a major part in growing Western Areas and in acquiring and developing the substantial assets that form the backbone of our company’s value during his twelve years in the role,” Western Areas chairman Terry Streeter said in the company’s announcement.

“Since the first days of Western Areas, Julian has put a huge effort into making this company the success it is today.

“Julian will leave us with a major ASX 200 company with a market capitalisation of over $1 billion, employment for 700 people, and a track record of profitability and dividend payments for shareholders.

“We could not ask for more from Julian after he has led the company to achieving what everyone hopes for but so few realise in this industry.

“Whilst it is difficult to wish Julian farewell from the role after his many years of sterling service, the Board looks forward to the time ahead for the company, building on the very strong platform Julian has left and pursuing the next stage of our growth.”

In response Hanna said that he has been very fortunate to work with a wonderful group of talented, hardworking, and professional people.

“I have also been fortunate in having a strong board and management team and a core group of loyal shareholders who have supported the company from its early years,” Hanna said.

“This year, I reached a milestone of 35 years as a geologist in the exploration and mining industry.

My time as managing director of Western Areas has certainly been the highlight of this career and it has been a great pleasure to see the company grow to where it is today.”