The chairman of Troy Resources John Dow is to step down in November and be replaced by David Dix.
The chairman of Troy Resources John Dow is to step down in November and be replaced by David Dix.
Mr Dix is already a non executive director of Troy.
Fredrick Grimwade has also been nominated to join the Board.
In a statement to the Australian Securities Exchange, Troy said, "These changes represent the completion of the Board restructure commenced in November 2009, adding considerable depth of experience as Troy makes the successful transition to a multinational resources Company."
See company statement below:
Troy Resources NL (ASX, TSX: TRY) is pleased to announce the following changes to its Board.
Mr John Dow, currently Chairman of the Board, has indicated his intention to stand down as Chairman at the upcoming Annual General Meeting in November. Mr Dow has indicated he will continue as a Non Executive Director of the Company.
The Board has elected Mr David Russell Dix, currently a Non Executive Director of the Company, to become the new Chairman at the end of the 2010 AGM.
Mr Frederick Sheppard Grimwade has been nominated to the Board as a new Non Executive Director.
Mr Paul Benson, Troy's Chief Executive Officer, has been re-appointed to the Board and is the Managing Director.
Messrs Dix, Grimwade and Benson's election to the Board will be put to shareholders for confirmation at this year's AGM along with Mr Clement Robin Woodbine Parish who was appointed by the directors' immediately after last year's AGM.
These changes represent the completion of the Board restructure commenced in November 2009, adding considerable depth of experience as Troy makes the successful transition to a multinational resources Company.
The Board wishes to convey its sincerest gratitude to Mr Dow who played a key leadership role steering the Company as it expanded its international reach, acquired its major new growth project, Casposo in Argentina and completed the requisite project financing. It also welcomes Messrs Dix, Grimwade and Benson to their new roles. (Biographies below).
Commenting on these changes Mr Dow said: "It is immensely satisfying to have been Chairman of Troy as we set about positioning the Company for its next period of growth.
"Part of my role has been to oversee an evolution of the Board, and I am confident the changes we have announced today will continue to build the skills, depth and strength of the Board going forward.
"Troy is set to double its production in 2011 and, with a strong Board in place is well positioned to achieve its strategic ambition of becoming a profitable mid-tier producer."
