Perenti Limited has started a succession process that will see current managing director and chief executive officer (CEO), Mark Norwell, step down from his position by the end of the year.
The Perenti board said it has initiated a comprehensive internal and external search for a successor to lead the company into its next phase of growth.
The company said the board and Norwell considered it an appropriate time to commence a succession process, following the successful delivery of the company’s 2025 strategy.
The company said its growth in recent years has given it significant scale and balance sheet strength, providing a new managing director and CEO with a robust platform to deliver future growth.
Norwell remains fully engaged and will work with the board and his successor (once determined) during a dedicated handover period. The company said he is committed to ensuring a seamless leadership transition and continuity across the business.
The transition process is expected to commence in the first half of calendar year 2026.
Perenti chair Diane Smith-Gander AO said the board recognised the outstanding contribution that Norwell has made to Perenti since joining the business in September 2018.
“He has been instrumental in embedding a strong purpose and principles-based culture across the business, building a high-performance leadership team and developing and delivering a robust and focused strategy. His leadership has been marked by both performance and care for our people,” Smith-Gander said.
She said under Norwell’s leadership, Perenti had experienced significant growth, quadrupling its revenue, doubling its workforce and increasing market capitalisation from ~$900 million in September 2018 to more than $2.7 billion today.
“This transformation has been driven by strategic acquisitions, including Barminco and DDH1, geographic diversification, disciplined implementation of our strategy and the successful navigation of several significant challenges. Ultimately, this has positioned Perenti as one of the largest and leading mining services companies globally.”
Norwell said it has been an honour and a privilege to be part of Perenti and to lead the business over the past seven years.
“I have had the opportunity to work with an incredible team of people, and I am proud of what we have accomplished. From laying the foundations of our purpose and principles, to developing and implementing our strategy and repositioning the portfolio, we’ve built a strong and resilient business set for continued success,” Norwell said.
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