New Hope Group (ASX:NHC) appoints new CEO

Coal miner, New Hope Group has appointed Mr Reinhold Schmidt as Chief Executive Officer of the company effective from 1 September 2020.
Reinhold has over 20 years’ experience in the mining industry and is the former CEO of Yancoal Australia.

He will have his work cut out from him as the company, which owns an 80 per cent interest in the Bengalla Mine continues to navigate a difficult period characterised by low coal prices and a controversial approvals process for New Acland Stage 3.

However, his $1.5 million per annum remuneration package should help to soften the impact.

His handover, from the current CEO and Managing Director Shane Stephan will begin on the 3rd of August.

Shares in New Hope Group (ASX:NHC) are trading 2.5 per cent lower at $1.36.
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Source: Finance News Network