WPG Resources managing director and chief executive officer Martin Jacobsen has resigned from the company because of poor health.
Jacobsen had major surgery for an ongoing and debilitating condition in July, according to WPG. He returned to work after a month of sick leave, and has taken short periods off work since.
However, Jacobsen has accepted medical advice that he should ‘take a long period of convalescence’ if he wishes to fully recover.
“WPG developed a succession plan for this contingency at the time of Martin’s surgery and this will be implemented shortly,” the company said in an ASX statement.
Jacobsen joined WPG as chief operating officer in August 2007 and became CEO in April 2012. He joined the company’s board as managing director in October 2013.
Jacobsen played a major role in the development and subsequent sale of WPG’s iron ore assets in 2011, the identification and acquisition of the company’s gold assets at Tarcoola and Tunkilla in 2014, and the acquisition of the Challenger gold mine.
In 2016, Jacobsen has overseen the restart of Challenger, the acquisition of the company’s joint venture partner at Challenger, and managed the Tarcoola project to its official opening in December.
According to WPG, Jacobsen flagged his intention to resign not long after his operation, but agreed to stay on until Challenger and Tarcoola were operational.
WPG executive chairman Bob Duffin said: “Although everything we do at WPG is a team effort, Martin’s contribution cannot be underestimated. We owe him an enormous debt of gratitude for his work over the last 10 years.”