In This Article:
Kenmare Resources plc
(“Kenmare” or “the Company” or “the Group”)
13 August 2024
Appointment of Managing Director
Kenmare Resources plc (LSE:KMR, ISE:KMR), one of the leading global producers of titanium minerals and zircon, which operates the Moma Titanium Minerals Mine (the "Mine" or "Moma") in northern Mozambique, is pleased to announce that Tom Hickey, Finance Director, has been appointed as Managing Director, effective 15 August 2024.
Tom will continue in his role as an Executive Director on Kenmare’s Board. He succeeds Michael Carvill, who will step down as Managing Director and from the Board on 14 August 2024, after 38 years in the role.
Kenmare will now undertake a limited process to identify Tom’s successor as Chief Financial Officer. Further updates will be provided in due course.
Statement from Andrew Webb, Chairman:
“As previously announced, Michael Carvill, Kenmare’s founder, will be stepping down as Managing Director after almost four decades. Michael’s vision, energy and commitment have enabled Kenmare to become one of the largest titanium minerals producers in the world and a name respected and admired throughout the industry. I would like to again express our profound gratitude to Michael for his tremendous contribution to the Company and his on-going support as a consultant.
To select Michael’s successor, the Board conducted a rigorous process, including both external candidates and those on our internal succession plan. Following this, Tom Hickey, Kenmare’s Finance Director, was chosen to be the Company’s next Managing Director. Tom has extensive experience in finance and natural resources, including as Chief Financial Officer of Tullow Oil plc, which grew to be a FTSE 100 company during his tenure. The Board felt that Tom’s combination of financial acumen, capital markets experience and knowledge of Kenmare’s business made him uniquely qualified to lead the Company at this important time and to continue delivering value for all stakeholders. We congratulate Tom on his appointment and wish Michael all the best in his future endeavours.”
Statement from Tom Hickey, incoming Managing Director:
“I have greatly enjoyed working with Michael for the past two years and am delighted to be given the opportunity to lead Kenmare during this exciting phase in its development. We are undertaking one of the largest capital projects in the Company’s history through the upgrade and transition of Wet Concentrator Plant A, which will allow us to secure production from Moma for decades to come and maintain our first quartile position on the industry revenue to cost curve. Michael leaves Kenmare in a very strong financial position, with an outstanding asset, a unique culture and a great team. I am proud to continue his work, particularly in terms of furthering Kenmare’s commitment to being a trusted corporate citizen.”