THE BOURSE WHISPERER: Atlas Iron (ASX: AGO) waited until the death knock of trading last night to announce the return of prodigal managing director David Flanagan to the top job.
Ken Brinsden is to stay on the Board moving from his current managing director role to executive director and non-executive director, while the Hon. Cheryl Edwardes will become chairman.
Flanagan was Atlas’ founding Managing Director from 2004 to 2012, when he became Chairman.
The company said Flanagan’s re-appointment as MD will enable him to focus on executing the financial, corporate and administrative aspects of Atlas’ restructure, due to its recent iron ore price-related misfortunes.
“The extensive changes implemented recently have been highly successful in cutting Atlas’ costs and positioning the company for a stronger future,” Atlas Iron managing director designate David Flanagan said in the company’s announcement to the Australian Securities Exchange.
“But there is no denying that the demands and the workload over recent times have tested us.
“That will continue in many respects as we ramp up production, continue to bolster our balance sheet and take other measures to ensure that Atlas is as strong as it can possibly be.
“This means having all hands on deck to get the job done.”