WLL - 5E Advanced Materials Provides Organizational Update | Benzinga
HESPERIA, Calif., June 04, 2024 (GLOBE NEWSWIRE) -- 5E Advanced Materials, Inc. (NASDAQ:FEAM) (ASX: 5EA) ("5E" or the "Company"), a boron and lithium company with U.S. government Critical Infrastructure designation for its 5E Boron Americas Complex, today provided a business update regarding its executive leadership and organizational structure.
Effective June 3, 2024, the Company announces the resignation of Chief Executive Officer Susan Brennan. The Company's Board of Directors (the "Board") expresses its gratitude for Ms. Brennan's dedicated service to 5E over the last 13 months. Ms. Brennan inherited a number of significant challenges upon stepping into the Chief Executive role. Ms. Brennan's efforts and leadership were vital to achieving several critical milestones for the Company across her tenure. The Board wishes her all the best in her future professional endeavors.
Paul Weibel, currently serving as 5E's Chief Financial Officer, will assume the role of Chief Executive Officer effective immediately. Mr. Weibel has served as Chief Financial Officer since 2021, initially joining the Company's predecessor, American Pacific Borates Limited.
"We thank Ms. Brennan for her leadership and focus that contributed to delivering the Company's approval from the EPA, completing construction of the small-scale boron facility, and leading us into first production. As the Company's strategic priorities shift, this change in leadership will focus our next steps on accelerating growth, executing on customer and market catalysts, and further enhancing shareholder value," said David Salisbury, Chairman of the Board. "As the Company continues to evolve along its natural path, our focus is shifting to supporting the engineering and construction of Commercial Phase 1. With Paul's exceptional leadership and expertise, we are confident he and his team will successfully advance the next phase of our world-class mining and processing operation."
As the Company prepares to execute on its next phase of milestones and value enhancing catalysts, it has made the following director appointments and leadership changes to align with its evolution:
The Company's Board has appointed Bryn Jones to the Board effective July 1, 2024. Mr. Jones is an Industrial Chemist with over 20 years of extensive development and operational experience in the minerals industry across various commodities, including in-situ mining of uranium. Mr. Jones currently is the Managing Director for entX Limited, a technology incubator that generates ideas, builds development partnerships, and commercializes breakthrough clean energy and nuclear medicine technologies. Mr. Jones is also as a non-executive director of Australian Rare Earths (ASX: AR3), Technical Director of Boss Energy Ltd (ASX: BOE), and a non-executive director of DevEx Resources Ltd (ASX: DEV). Prior to assuming the above directorships, Mr. Jones served as the Chief Operating Officer of Laramide Resources Ltd (ASX: LAM).
Barry Dick has previously been nominated to join the Company's Board, subject to election at the Company's upcoming Annual General Meeting scheduled for June 24, 2024. Barry brings over 25 years of marketing and investment banking experience in Asia, having previously built leading sales and origination organizations at Merril Lynch, StormHarbour, and Opsvs ...