Flanagan pulls pin at end of tough year
Atlas Iron managing director David Flanagan will leave the company he floated in 2004 by the end of this year, calling time on his return stint at the helm of WA’s sixth-biggest iron ore producer.
Mr Flanagan said he gave the company’s board the required six months notice last week after first discussing the possibility of leaving with new Atlas chairman Eugene Davis a few days earlier.
He said the decision came at the end of a tough year which saw him relinquish the chairmanship and return to the top executive role at the mid-tier iron ore miner in the wake of its decision in May last year to mothball its Pilbara mines because of the tumbling iron ore price.
After Atlas negotiated novel profit and cost-sharing deals with its contractors that allowed a return to production, Mr Flanagan fronted investors through Atlas’ emergency capital raising last year.
He then helped lead negotiations with its lenders ahead of this year’s debt-to-equity swap, which resulted in Atlas’ bond holders emerging with 70 per cent of the recapitalised company’s register.
He said he believed Atlas was in a strong position ahead of the start of the search for a new chief executive.