Ellison to stay at MinRes as new succession plan announced

2 hours ago 2

Mineral Resources managing director Chris Ellison will remain in the role for the foreseeable future after the company announced at its annual general meeting on Thursday that it had scrapped a deadline to remove him by the middle of next year.

Mineral Resources founder Chris Ellison will remain as the managing director of the company for the foreseeable future.

The company previously agreed to finding a replacement for Ellison by mid-2026 following a series of scandals including alleged tax evasion and misuse of company resources.

However, MinRes chairman Malcolm Bundey told shareholders on Thursday Ellison would remain at the company beyond the previously agreed deadline, and MinRes would implement a three-stage succession plan.

“We will ensure the company, its people and our shareholders get a lasting, high-quality outcome, rather than rushing to meet an arbitrary deadline,” he said.

“While the former board had announced a target date for succession, the support program for this was outdated and, in our view, could not confidently deliver the intended outcomes of a smooth transition without creating unnecessary risk for the company and its shareholders.”

Bundey said he understood shareholders were looking for clarity on succession planning for the founder and managing director.

“My focus as chair is on ensuring that Chris’ succession is robust and carefully planned in the best interests of our shareholders and our people,” he said.

“This must be a process, not an event. Chris remains integral to this process, working closely with the Board and me to ensure it is conducted in an orderly, professional manner.”

In statement to shareholders in the company’s annual report, Bundey acknowledged it had been a difficult year for the company.

“The past year has brought significant governance challenges for MinRes, including shortcomings related to transparency, oversight and risk management,” he said.

“As a result, the company’s reputation and stakeholder confidence have been impacted, prompting a rigorous response across all levels of the organisation.

“Beyond regulatory compliance, MinRes recognises effective governance is essential for long-term value creation. The company is prioritising a culture of greater transparency, disciplined capital management and proactive risk oversight.”

Responding to a shareholder question as to why Ellison was still in his role and whether he would continue to be paid by the company, Bundey quickly shut down any further discussion.

“I believe we have covered that question in my address, and we will not be taking any further questions on that topic,” he said.

Almost exactly 12 months ago, Ellison told shareholders he made an “error of judgment” in failing to report his personal tax and expressed regret for the impact his decision had on the business and its staff.

In November last year he assured investors he had repaid the funds he owed to the company and vowed to support the board as it embarked on a global search for his replacement within the next 18 months.

“I can’t express how much I hate what I have done, this is a dark cloud in my life that I will live with forever,” Ellison said at the time.