Mineral Commodities (ASX:MRC) appoints new CEO following court case with former executive

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  • Mineral Commodities (MRC) welcomes new Chief Executive Officer to lead the team from October 4
  • Jacob Deysel’s appointment follows the termination of former CEO Mark Caruso, who is suing the company for $2.2 million
  • Mr Deysel reportedly brings substantial executive, mining and project development experience to the role
  • His appointment is on an on-going basis with a fixed remuneration of $525,000 per annum including superannuation
  • Shares have been trading grey at 15 cents since August 31

Mineral Commodities (MRC) has welcomed a new Chief Executive Officer to lead the team from October. 

Jacob Deysel will take over from Russell Tipper, who has acted in the role of CEO over the past months following a breakdown in the relationship between the Board and previous CEO Mark Caruso, which resulted in the termination of his service agreement.

In a statement released in June, the company said Mr Caruso had commenced further proceedings in the Supreme Court of Western Australia against Mineral Commodities seeking payment of approximately $2.2 million.

While the company couldn’t comment further on the matter before the court, it said it would vigorously defend the proceedings and notes in particular that a number of the claims date back to September 2000.

There doesn’t appear to be any further information pertaining to this matter however the Board of MRC thanked Russell for stepping in to the role in “difficult circumstances”.

With Mr Deysel joining the team, he is said to bring substantial executive, mining, and project development experience, having held senior executive positions in the mining industry across numerous commodities in Africa, South America, Europe and Australia.

He holds a BSc in Mining Engineering and a Master of Business Administration, both from the University of the Witwatersrand in South Africa.

His appointment is on an on-going basis with a fixed remuneration of $525,000 per annum including superannuation.

Chairman David Baker said the company is delighted to have Jacob joining the company during a “transformational time” of its development.

“He is widely regarded as a leading mining executive with deep, perhaps unparalleled, experience in the minerals sands industry in Africa.”

Shares have been trading grey at 15 cents since August 31.