YANCOAL AUS (03668): David James Moutt to resign as CEO

YANCOAL AUS (03668) announced that Mr. David James Moult has decided to resign from his position as Chief Executive Officer (CEO) of YANCOAL AUS. Mr. Moult has been with YANCOAL AUS for seven years, serving as CEO for five years and as an independent non-executive director for two years. Mr. Moult has decided to resign from full-time work to dedicate more time to other business activities and has submitted his resignation from the CEO position as well as all director positions within the group. He will no longer hold his current position effective immediately, and his employment relationship will terminate on July 14, 2025. Before a long-term appointment is made by the board, Mr. Yue Ning, Chairman of the YANCOAL AUS Executive Committee, will serve as acting CEO of the company. Mr. Yue Ning is a highly skilled and experienced mining industry senior executive with over 20 years of experience in coal mining operations and management. Since September 2023, Mr. Yue Ning has served as Chairman of the Executive Committee and Co-Deputy Chairman. Mr. Yue Ning is well-suited for overseeing the company during this transitional period to ensure continued and stable operations. Mr. Moult stated, "It has been an honor to lead YANCOAL AUS over the past five years. After successfully navigating through several years of extreme weather conditions and the impact of the COVID-19 pandemic, the company is now in a very strong operational and financial position." "During the break, I reflected on my years at YANCOAL AUS and realized the company has the ability to pursue future opportunities with an excellent executive and operations team. I found that my tenure as CEO has exceeded my initial expectations, and it is time for me to retire. I have thoroughly enjoyed my time at YANCOAL AUS and am looking forward to spending more time with my family. I am confident that the new leadership will lead YANCOAL AUS to continued success, and I will continue to follow its progress." YANCOAL AUS Chairman, Mr. Ru Gang, said, "We respect and accept David's decision with the sincerest wishes and highest respect. Five years ago, David faced challenges and accepted the invitation to become CEO, becoming an effective leader during his tenure." "During David's time as CEO, YANCOAL AUS successfully repaid all debts, distributed billions of Australian dollars in dividends, and was included in the Hang Seng Composite Index and the S&P/ASX 200 Index. His contributions, along with the collective efforts of the company team, will drive YANCOAL AUS to achieve even greater accomplishments in the coming years. The board and I express our heartfelt gratitude for his dedication and effort. We sincerely thank him and wish him all the best in his future endeavors." The board and Mr. Moult have reached agreement on the resignation terms. Mr. Moult has confirmed that there are no disagreements with the board and no other matters requiring attention from the company's shareholders. The board will continue to search for and appoint the next CEO of the company and will announce it to the market in due course.