Poseidon CEO steps down

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Poseidon CEO David Singleton will step down from his role at the end of this month.

Singleton will leave the company, where he has worked for close to a decade, to join manufacturer Austal Ships in February, however he will remain on the board as a non-executive director.

He will not be replaced.

Following Singleton’s announcement the company declared its intention to 'reorganise' to ensure the miner “maintains momentum whilst reducing costs further during this period of low nickel prices”.

“Until the nickel price improves the company will not recruit a replacement CEO,” Poseidon said.

Non-executive chairman Chris Indermaur will take on the CEO duties on a part time basis, and will be paid in performance rights rather than money, as are all non-executive directors at the company.

It follows the miner’s decision to reduce board fees by 20 per cent in the wake of the volatile commodity market.

Executives Michael Rodriguez and Neil Hutchinson have also agreed to 20 per cent pay cuts.

Poseidon has also wound back hours of some of its management, with the manger of people and culture, and the commercial manager, reducing their hours to only one to two days per week.

However, “in an innovative approach these personnel are taking contract work whilst still operating out of Poseidon’s offices”.

“This allows Poseidon to continue to access their extensive skills and project knowledge base whilst eliminating much of the costs of employing individuals or using consultants.”

The CFO has also taken on the role of company secretary.