New Age Exploration Limited (ASX:NAE) has agreed on the termination of Gary Fietz’s executive service agreement (ESA) and his consequential resignation as managing director.
Fietz has agreed to continue to be available to the company as a consultant for a period of three months to ensure an orderly transition to new management.
New Age has also received the resignation of non-executive director Michael Amundsen.
To fill the vacancies left by the above resignations, the company has appointed Neil Hutchison, Stephen Layton and Joshua Wellisch as non-executive directors.
Hutchison is an exploration/mining geologist with over 25 years’ experience working in Australia and overseas.
He has a track record of discovery, resource/reserve definition, project development, evaluations and acquisitions.
Layton has over 35 years’ experience in equity capital markets in the UK and Australia.
Having raised capital for many ASX listed companies, Layton specialises in corporate advisory, facilitation of ASX listings, capital raising services and assisting companies grow.
Wellisch is a corporate professional whose career has included several executive management and director roles in ASX listed companies.
He is currently a director of NRG Capital specialising in capital raisings, corporate structuring and the facilitation of ASX listings.
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Alan Broome will remain as chairman and will oversee implementation of a new management structure, which is anticipated to include the appointment of a managing director or chief executive officer.
In the meantime, New Age will continue to progress the development of its projects proactively and in line with its previously disclosed strategy.