Atlas Iron’s founding managing director David Flanagan has resigned following the company’s return to financial stability.
Flanagan said with the completion of the restructure and production at record levels, it was a “logical time” to take a break, saying the new strategies created will build a foundation for the company’s future.
“I have no doubt that the company is now ideally positioned to take full advantage of the opportunities which will stem from having a markedly lower cost base and a more robust balance sheet,” he said.
Flanagan was in the position from 2004 – 2012, becoming chairman before returning to the MD role in late 2014 as part of ongoing business improvement initiatives.
Atlas had been hit hard by falling iron ore prices, forcing it to close its Pilbara mines in April last year, and Flanagan implemented cost cutting and business sharing measures to keep the company afloat.
Atlas chairman Eugene Davis thanked Flanagan for his service, particularly during the restructure, saying he put together “an outstanding team of staff and contractors”.
“David has worked tirelessly to ensure that Atlas has a strong future,” he said, “I have no doubt that this team will continue to successfully implement the strategies they have devised to strengthen and grow Atlas.”
Flanagan will continue as managing director until either a replacement has been found or he serves the six-month notice period.