Coretrack drops CEO

Drilling company Coretrack has sacked its CEO Nanne van’t Riet.

The company released stating “that his services are no longer required on a day to day basis, and therefore van’t Riet will relinquish control of the company, effective immediately”.

Coretrack chairman Matt Birney explained that “as we are now moving out of the R&D phase and into the commercialisation phase it is the Board’s view that the company would benefit from a fresh start sooner rather than later at a senior management level”.

Despite removing van’t Riet from the position, his contract with the company does not expire until February next year; as such Coretrack say they are obliged to continue to pay his salary.

However, Coretrack “have already conducted a number of interviews for the position of CEO and we have been very impressed with the quality of candidates,” Birney said.

“We expect to be in a position to announce the engagement of a new CEO soon.”

Current general manager – globe drill, Neil Hass, has been appointed acting CEO until a new one is appointed.

van’t Riet announced that he would not seek to extend his term as CEO at Coretrack in May.

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