Flana­gan pulls pin at end of tough year

Pilbara News - - News - Nick Evans

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.

David Flana­gan.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.