Altura Mining (AJM) has appointed Alex Cheeseman as the company’s new Chief Executive Officer, effective immediately.
Alex is a highly experienced lithium industry executive and a well-known participant in the battery materials industry. Prior to Altura Mining entering administration in October 2020, he was the company’s General Manager for Marketing.
Alex brings with him an established, global network of lithium and battery metal related suppliers, end-users, investors and financiers. This will serve him well in his new role as CEO as he guides Altura Mining to re-establish itself as a battery materials-focussed entity.
Alex’s employment agreement as Altura Mining’s new CEO commences April 16, and has no fixed term.
For his work in his new position, he will receive a base annual salary of $270,000, plus statutory superannuation. This will, however, be subject to annual review.
Subject to shareholder approval, the company will also pay Alex an initial incentive bonus of two million ordinary shares.
Furthermore, Altura Mining may pay Alex a short-term incentive bonus of up to 40 per cent of his base salary every year. This bonus, amounting to up to $108,000 per annum, would be made out to him in cash, rights or company shares.
The calculation and payment of this short-term incentive bonus would be based on Alex’s achievement of certain key performance objectives.
Altura Mining may also pay him a long-term incentive bonus of up to 60 per cent of his base salary every year. This bonus, amounting to up to $162,000 per annum, would also be paid in cash, rights or company shares.
The payment of this bonus would be based on pre-determined annual increments in Altura Mining’s market capitalisation value.
In other news, Paul Mantell is resigning from the company’s Board of Directors and John Lewis has been appointed as part-time Company Secretary. The company has also changed its corporate address.
Altura Mining’s shares have been suspended from trading since August 2020, when they last traded at seven cents per share.