John Borshoff, CEO of ASX-listed uranium mining company Paladin Energy, will be stepping down from his position as CEO, 21 years after founding the company.
It is no secret that Paladin has been struggling as a result of extremely weak uranium prices – forcing to place its Malawi-based operation Kayelekera on care and maintenance. Its mine in Namibia, Langer Heinrich, remains its core operation.
Under Borshoff’s stewardship, Paladin has built a unique position in the uranium mining industry and he is recognised as a world authority in this realm. “On behalf of the board, I cannot thank John enough for having the vision, tenacity and spirit to create and lead Paladin,” says Paladin non-executive chairman, Rick Crabb.
“John will be dearly missed by the Paladin team and we wish him the best in future endeavours.”
A process to identify a suitable new CEO is now underway. In the interim, Alexander Molyneux has been appointed interim CEO. He joins with substantial experience in natural resources executive leadership, including both public mining company CEO and uranium experience.
Molyneux’s core mandate will be to:
- continue the optimisation of Paladin’s overall cash flow break-even level with the aim to become cash flow generative in the current uranium price environment (this planned initiative was revealed recently);
- focus on accelerating strategic initiatives that deliver value; and
- to assist the board in its search for a permanent CEO.
Borshoff will assist in a transitional role during the six month notice period provided for in his employment contract. He has assured the board of his intention to assist to the fullest extent required during this transitional period.