Boart Longyear appoints new CFO

Boart Longyear has appointed Jeffrey Olsen as its new CFO.

He will step into the roll on 1 April, making it nearly a year since the company’s previous CFO Joseph Raglan announced his departure, and replace acting CFO Jay Clement.

In a company statement, Boart CEO Richard O’Brien said “I am pleased to have Jeff join Boart Longyear”.

“His strong financial background and knowledge and understanding of the resources and mining industry, including his global experience in a broad range of senior financial and commercial roles with Rio Tinto are a good fit for our company and for our current priorities to improve our balance sheet and focus on shareholder returns.”

Boart Longyear suffered a turbulent 2013, during which it cut more than 1000 jobs across the business, hired a new CEO and chairman, and was forced to revise its earnings expectations significantly downwards.

Olsen was previously the CCO at Rio Tinto’s iron ore business, and prior to that the CFO of Rio’s Borax and Minerals division.

“Boart Longyear has a strong brand and a long history of success,” Olsen said

“I look forward to joining their strong management team and to helping the company deliver results for its customers and shareholders.”

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