Perth-based lithium miner Galaxy Resources has announced the appointment of Iluka Resources’ Simon Hay as chief executive, commencing on July 1.
Perth-based lithium miner Galaxy Resources has announced the appointment of Iluka Resources’ Simon Hay as chief executive, commencing on July 1.
Mr Hay spent the past decade working for Iluka Resources, where he is head of resource development.
He has previously held senior positions at BHP Billiton, Norilsk Nickel Australia and WMC Resources.
Galaxy chairman Martin Rowley said Galaxy’s current chief executive, Anthony Tse, would become an executive director, focusing on corporate development and marketing.
Mr Rowley said he was delighted to appoint someone of Mr Hay’s calibre to the role.
“Simon has the ideal blend of skills and experience in operational, development and marketing roles to be able to lead Galaxy through its next phase of growth,” he said.
“Simon’s recent success in guiding the development of greenfield projects in jurisdictions such as Sri Lanka and Sierra Leone convinced me that he is the best man to lead Galaxy’s growth plans for the development of its world class international assets at Sal de Vida in Argentina and James Bay in Canada.
“His operational expertise can also be applied to optimising and extending the life of the company’s existing operations at Mt Cattlin in Western Australia.
“After an exhaustive interview process, Simon stood out as the individual most capable of delivering our strategy.”
Mr Hay said he was very pleased to be joining Galaxy Resources at this exciting time in the company’s evolution.
“Galaxy has an established and profitable operation at Mt Cattlin and an excellent balance sheet with no debt and cash of almost $400 million providing a strong platform as it enters a major growth phase,” he said.
“I look forward to working with Martin, the board, the Galaxy management team and staff and other stakeholders from mid-year to apply my expertise in improving asset performance and developing assets.”
Mr Hay will receive $650,00 in total remuneration per annum and 150,000 performance rights when he commences the role.
Short-term incentives can make up to 75 per cent of fixed remuneration, of which 60 per cent will be subject to financial, 30 per cent to non-financial and 10 per cent to behavioural performance conditions to be decided by the board.
Long-term incentives can be up to 75 per cent of fixed remuneration and with 50 per cent subject to relative total shareholder return and 50 per cent operational and project-based milestones to be determined by the board.
