Boss Energy Ltd (ASX: BOE) shares are having a tough session on Thursday.
In morning trade, the ASX 200 uranium share is down 6% to $3.50.
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Why is this ASX 200 share sinking?
Investors have been selling the uranium producer's shares today following the release of a shock announcement.
According to the release, Duncan Craib has informed the Boss Energy board that he will step down as managing director and CEO as of 30 September 2025.
Though, that won't be the end of Craib's association with the company. The ASX 200 share requested that he remains with the company as a non-executive director, which he has agreed to do.
Craib will commence as a non-executive director from 1 January 2026.
CEO appointment
The ASX 200 share has been quick to find a replacement.
The release reveals that Boss Energy's chief operating officer, Matt Dusci, will be appointed managing director and CEO from 1 October 2025. This is subject to the company and Dusci agreeing terms which will be announced to the ASX in due course.
Both Craib and Dusci will work closely in the intervening period to ensure that there is a seamless transition.
The company highlights that since joining in September 2024 as chief operating officer, Dusci has overseen the successful ramp up of Honeymoon operations. In addition, he has more than 25 years of experience in all facets of the resources and mining industry. This includes exploration, technical studies, operations, public markets, joint venture management, corporate governance, strategy and executive leadership.
Dusci also previously held several executive positions at IGO Ltd (ASX: IGO), including acting CEO, chief operating officer and chief growth officer.
Commenting on the news, the ASX 200 share's chair, Wyatt Buck, said:
Under Duncan's leadership, Boss has generated considerable growth for its shareholders and has transitioned from an exploration and development company to an ASX200 listed company. Duncan has led Boss from a micro-cap developer to being one of the few uranium producers in Australia. We look forward to continuing to work with him in his new capacity as a Non-Executive Director.
Matt has done an excellent job for the past year in successfully ramping up Honeymoon and we believe his significant operational, technical and industry experience will stand us in good stead.
Outgoing CEO, Duncan Craib, also spoke positively about his replacement. He said:
I have no doubt Matt will do an outstanding job as Managing Director. His significant technical capability and vast operating experience will be invaluable as Boss continues to ramp up production. I look forward to supporting him and the Board in my new role as Non-Executive Director.
