Why the Sheffield Resources (ASX:SFX) share price is on watch

The Sheffield Resources (ASX:SFX) share price will be on watch following news of an upper management reshuffle. Here's the lowdown.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Sheffield Resources Ltd (ASX: SFX) shares will be on watch following news of an upper management reshuffle this morning. At yesterday's market close, the Sheffield share price was trading at 38.5 cents, representing a 3.75% drop from Friday's closing price.

In an announcement to the ASX this morning, the mineral exploration company advised its managing director and CEO has stepped down, while its commercial director has taken on the role.

Let's take a closer look at Sheffield's new upper management team.

Management transition

The Sheffield share price will be in focus today after the company advised its managing director and CEO, Bruce McFadzean, will step down from the roles on 1 July 2021. He has held the top position at the company since 2015.

McFadzean will continue with Sheffield as a non-executive director.

Filling his boots will be Bruce Griffin, who is currently Sheffield's commercial director. Griffin will take on the role of executive chair.

Griffin has held leadership positions in a range of companies and consultancies in the mineral sands industry. According to Sheffield's release, the role of executive chair will allow the company to best utilise Griffin's industry experience. 

The final piece of the shake-up involves Sheffield's current non-executive chair John Richards' new job. He will be taking up the newly created role of lead independent director.

New management commentary

Mr Richards offered his congratulations to McFadzean, noting the key role he played in delivering the company's Yansteel joint venture. He also looked to the company's future, as Griffin will be leading Sheffield into its up-and-coming Thunderbird project.

Bruce [McFadzean] worked tirelessly over a long period to identify and then execute the transaction which provides the equity component of the Thunderbird project development and the Board expresses its sincere thanks for those efforts. We look forward to continuing to rely on Bruce's knowledge of the project and his relationships with key stakeholders as a Non-Executive Director.

As we move forward with Yansteel to building and operating Thunderbird, we are extremely fortunate to have someone of Bruce Griffin's experience and stature to take over and I look forward to working with him through the next stages of Sheffield's development.

Mr McFadzean said:

I look forward to working with our JV partner Yansteel under the leadership of a minerals sands industry expert Bruce Griffin. We are now well structured for the next leg of the Thunderbird journey towards production.

Mr Griffin said:

I look forward to building on the strong foundations Bruce has built at Sheffield as we complete the financing, build and then operate Thunderbird with our partner Yansteel.

 Sheffield share price snapshot

The Sheffield Resources share price has had a roaring time on the ASX lately.

Year to date, it's only up by 1.32% – but over the last 12 months, it has gained a whopping 250%.

Sheffield has a market capitalisation of around $133 million, with approximately 346 million shares outstanding.  

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Resources Shares

a sad looking engineer or miner wearing a high visibility jacket and a hard hat stands alone with his head bowed and hand to his forehead as he speaks on a mobile telephone out front of what appears to be an on site work shed.
Resources Shares

Down 14% in 2024, why is the BHP share price sliding again today?

ASX 200 investors are bidding down the BHP share price on Wednesday.

Read more »

A mining employee in a white hard hat cheers with fists pumped as the Hot Chili share price rises higher today
Resources Shares

These ASX 200 mining stocks could rise 40% to 50%

Analysts think these miners are dirt cheap at current levels.

Read more »

Image from either construction, mining or the oil industry of a friendly worker.
Resources Shares

Fortescue share price leaps 5% as electric machinery makes a milestone

Fortescue is charging ahead with its electric mining ambitions.

Read more »

rising mining asx share price represented by happy woman miner in hard hat
Resources Shares

Why the BHP share price crushed the benchmark this week

BHP shareholders enjoyed a rewarding week.

Read more »

A man wearing a hard hat and high visibility vest looks out over a vast plain where heavy mining equipment can be seen in the background.
Dividend Investing

Here is the profit forecast to 2026 for BHP shares

Let’s unearth how much profit this miner could make.

Read more »

Female miner standing next to a haul truck in a large mining operation.
Resources Shares

Is the worst of the selling now over for ASX iron ore shares?

ASX iron ore giants like BHP, Rio Tinto and Fortescue rebounded this week after falling hard in 2024.

Read more »

Three satisfied miners with their arms crossed looking at the camera proudly
Resources Shares

Why are ASX 200 mining shares smashing the benchmark on Wednesday?

Rio Tinto, BHP and Fortescue shares are all charging higher today.

Read more »

Two miners standing together.
Resources Shares

Why is the South32 share price getting battered today?

ASX 200 investors are bidding down South32 shares today.

Read more »