Boart Longyear’s board of directors named Richard O’Brien, CEO of gold producer Newmont Mining, its president and CEO.
O’Brien is expected to start on April 1. He brings 25 years of operational and financial experience in the natural resources, energy and power sectors to his new role.
He has served as Newmont’s CEO for six years and was chief financial officer prior to that. He was also executive vice president and chief financial officer of U.S. energy services company AGL Resources and chief operating officer and chief financial officer at PacifiCorp, a western U.S. utilities company.
“O’Brien is exceptionally well-suited to lead Boart Longyear,” said board member Barbara Jeremiah. “His experience leading Newmont for the last several years gives him unique insight into the opportunities and challenges facing the mining industry at large and Boart Longyear specifically. Richard’s strategic focus, financial expertise and appreciation for the complexities of operating globally will benefit the Company and our shareholders. These attributes will be important in strengthening Boart Longyear’s position as the leading drilling services, drilling equipment and performance tooling provider for the global mining industry.”
Said O’Brien: “I am honored to be joining the Boart Longyear team and look forward to building upon the company’s remarkable heritage and innovative spirit to deliver increased value to Boart Longyear’s customers and shareholders.”
Boart Longyear also announced that Jeremiah has been elected chairperson of its board of directors, effective March 1. Jeremiah, who has been a company director since October 2011, will assume the role from David McLemore, who will remain on the board. McLemore has served as chairman since August 2010 and took over as interim CEO in October 2012.
“Dave’s leadership and dedication to his board and interim leadership duties have been instrumental in refocusing the company’s commitment to increasing shareholder value,” Jeremiah said. “The board is grateful for Dave’s willingness to step in as our interim CEO at a time of uncertainty in our markets. Dave has made many difficult decisions since October and has provided rapid responses to the changing dynamics in our industry.”
Boart Longyear, based in Salt Lake City, touts itself as the world’s leading provider of drilling services and equipment, and performance tooling for the mining industry. The company has more than 9,000 employees worldwide, manufactures equipment in six global factories, and sells to customers in more than 100 countries.
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