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Boart Longyear Announces the Appointment of Richard O'Brien as New President and CEO, Also Appoints New Chair of the Board

Sunday, February 17, 2013 5:49 PM


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 April 1 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.

The Company also announced Barbara Jeremiah has been elected Chair of the Board effective March 1 2013. Ms Jeremiah, who has been a Company director since October 2011, assumes the Chair role from David McLemore, who will remain on the Board.

Commenting on Mr O’Brien’s appointment, Ms Jeremiah said: “Mr O’Brien is exceptionally well suited to lead Boart Longyear. His experience leading Newmont for the last several years gives him unique insight into the opportunities and challenges facing the mining industry at large and Boart Longyear specifically. Richard’s strategic focus, financial expertise and appreciation for the complexities of operating globally will benefit the Company and our shareholders. These attributes will be important in strengthening Boart Longyear’s position as the leading drilling services, drilling equipment and performance tooling provider for the global mining industry.”

Ms Jeremiah thanked Mr McLemore for his service as Chairman since August 2010 and Interim CEO since October 2012.

“Dave’s leadership and dedication to his Board and interim leadership duties have been instrumental in re-focusing the Company’s commitment to increasing shareholder value. The Board is grateful for Dave’s willingness to step in as our interim CEO at a time of uncertainty in our markets. Dave has made many difficult decisions since October and has provided rapid responses to the changing dynamics in our industry. We thank him for his efforts and welcome his continuing role as a director on the Board,” Ms Jeremiah said.

About Boart Longyear

With over 120 years of expertise, Boart Longyear is the world’s leading provider of drilling services, drilling equipment, and performance tooling for mining and drilling companies globally. It also has a substantial presence in energy, mine de-watering, oil sands exploration, and production drilling.

Boart Longyear is a global company headquartered in Salt Lake City, Utah, USA, and is listed on the Australian Securities Exchange in Sydney, Australia. Sales in 2012 were over US$2 billion, and the company employs approximately 8,500 employees worldwide. Contract drilling services are conducted in over 40 countries, and drilling products are manufactured in six global factories and sold to our customers in the 100+ countries where they operate.

More information about Boart Longyear can be found on the Internet at www.boartlongyear.com. To get Boart Longyear news direct, visit http://www.boartlongyear.com/rssfeed.

(Source: Business Wire )
(Source: Quotemedia)

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