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Orocobre chairman James Callaway has resigned from the company to pursue other interests.
Orocobre (TSX:ORL,ASX:ORE) chairman James Callaway has resigned from the company to pursue other interests. He will be replaced by Robert Hubbard, a current non-executive director of the company.
Callaway said in a statement:
Orocobre is a strong operating company with a deep bench of managerial talent and a cohesive and engaged Board of Directors.
I have been deeply honoured to have had a meaningful role during the transformation of the Company, but believe that it is the right time for me to have more flexibility to pursue my other personal and business interests as I approach 60. This change will allow me to further expand my solar development company, DPP which also has interests in South America.
Callaway has been with the company since 2009, and has continued to advance Orocobre’s lithium project in Argentina’s Salar de Olaroz since then. The ramp-up of production at the Olaroz lithium facility saw some delays in recent years, but in April 2016, the company stated that it had hit its Q1 production target of 2,400 tonnes of lithium carbonate (2,332 tonnes).
Hubbard, appointed as chairman in Callaway’s stead, has served as chair of the company’s audit committee. Previously, he was a partner at PricewaterhouseCoopers for over 20 years.
Shares of Orocobre dipped 16 cents this morning to $4.74 per share on the TSX, but are up 95.87 percent year-to-date.
Read the full press release here.
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Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
