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.
