Moult to replace Schmidt as Yancoal boss

Yancoal Australia has named former director David Moult as chief executive following the sudden departure of Reinhold Hans Schmidt, who will now pursue "other opportunities".

Mr Moult is a former chief executive of Centennial Coal Company and joined Yancoal as a non-executive director in January 2018.

He starts immediately and will receive $1,699,986 in remuneration, including superannuation.

The 63-year-old has been appointed for two years, and has resigned from his former director role.

China-controlled Yancoal on Monday said Mr Schmidt resigned effective Saturday March 8 to pursue new career opportunities after nearly seven years with the miner.

In a statement, Yancoal said Mr Schmidt had no disagreement with the board and there was no matter that required shareholders' attention.

He had led the company since August 2013.

Yancoal said it will soon appoint a non-executive director to meet Hong Kong Stock Exchange rules.

Yancoal last month cut its final dividend after full-year revenue from continuing operations slipped 8.0 per cent to $4.46 billion in the year, which it said reflected coal price softness during 2019.

Operating earnings slipped 25 per cent to $1.64 billion and statutory profit after tax fell by 16 per cent to $719 million.

The company will pay an unfranked final dividend of 21.2 Australian cents per share on April 29, down from 28.55 cents per share a year ago.

Austrlaian Associated PressBack to Breaking News

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