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
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
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.
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