Yancoal chief executive officer (CEO) David Moult has resigned after seven years with the company, including five years as CEO and two years as an independent non-executive director.
Moult has decided to retire from full-time employment, allowing him to focus on other business engagements and spend more time with his family. His tenure officially ends on July 14, with his active duties ceasing immediately.
Yancoal chair of the executive committee Ning Yue, has resumed the role of acting CEO.
Yue brings over 20 years of coal mining operational and management experience, providing continuity during the leadership transition.
“It has been a great honour to lead Yancoal these past five years,” Moult said.
“Having successfully navigated several years of excessive wet weather and the COVID-19 pandemic, the company has emerged in an incredibly strong operational and financial position.
“Having spent longer in the role than initially expected, it is an opportune time to step down. I have thoroughly enjoyed my time with Yancoal and now look forward to spending more time with my family, watching on as new leadership leads Yancoal on to further success.”
Yancoal chairman Gang Ru spoke highly of Moult’s achievements, highlighting his leadership in retiring the company’s debt, joining the Hang Seng Composite Index and S&P/ASX 200 Index, and paying billions in dividends.
“David readily took on the challenge when asked to become CEO five years ago and has been an effective leader throughout his time in the role,” Ru said.
“His efforts, and that of the whole company, have Yancoal well positioned to achieve further greatness in the coming years. I, and the board, are most grateful for his dedication and drive.”
The board will undertake a comprehensive search to appoint the next CEO and will notify shareholders upon finalising the decision.
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