MELBOURNE: Australia's Lynas Rare Earths said on Tuesday its Chief Executive Officer Amanda Lacaze is retiring after 12 years, just as Western countries seek greater security of supply for the metals for which Lynas is the top Western producer.
Lynas' board had already begun a search for a new chief to lead the company and would consider both internal and external candidates, Lynas said in a statement.
Lacaze, who has overseen a 12-fold rise in the shareprice over her tenure, would remain with the company until the end of the current financial year to enable a smooth transition, the company added. Shares in Lynas were up nearly 3 percent, in line with broader gains in the sector.
Lacaze's acheivements have been "spectacular," said Dylan Kelly of shareholder Terra Capital, pointing to Lynas's renegotiation of debt with its Japanese stakeholders, her attempts to get a North American plant going, and building a new processing plant in Kalgoorlie. "She's one of the best CEOs I've ever come across and she's so entertaining. It's salutations and congratulations, really, she'll be sorely missed," he said.
Lacaze was named as the company chief in 2014 after serving as a non-executive director with the miner.
Under her watch, Lynas has become a dominant force in the production of rare earth elements.
"To her credit, they have a plant up and running, way ahead of any of the competition," said portfolio manager Andy Forster at Argo Investments in Sydney.
"She's done a good job, she's positioned the company well. I don't know who they could get next, but there's no way you'd get another Amanda."
Lacaze previously served as the managing director of marketing at Telstra, Australia's largest telecom firm, and also held roles at Nestle.
She is the longest serving female CEO on the ASX, according to data compiled by Forbes. Nine out of 10 ASX-listed company CEOs are male, according to the latest data from Chief Executive Women. - Reuters
