MMG Limited (MMG) today announces the resignation of Mr Andrew Michelmore as Chief Executive Officer and Executive Director with immediate effect. Mr Jerry Jiao, will cease to be the Chairman of MMG’s Board of Directors today and will succeed Mr Michelmore. Mr Michelmore will continue with MMG until 1 July 2017, to ensure a smooth transition and consistent with his retirement plans announced in September 2016.
Mr Jiao’s appointment reflects the desire of the MMG Board for continuity of the MMG business model and recognises the continuing and increasing importance of MMG to its major shareholder China Minmetals Corporation (Minmetals).
Mr Jiao has acted as a Director on MMG’s Board since the Company’s formation in 2009 and was appointed Chairman in 2014. An experienced executive, he was most recently a Vice President of Minmetals with responsibility for all Minmetals’ international mining assets including MMG, Minmetals International and China Minmetals Non-Ferrous Holdings. He holds a Bachelor’s degree in International Economics from the Nankai University in the People’s Republic of China and a Master of Business Administration degree from Saint Mary’s University in Canada.
In making the announcement Mr Jiao highlighted the significant contribution of Mr Michelmore to the growth and success of MMG.
“After eight years at the helm of MMG, Andrew hands over a business in very good health. He has set the platform for future growth and continued success and has established a culture with safety at its core,” said Mr Jiao.
“He has been an inspirational and tireless leader who has shepherded the Company from its beginnings as Minerals and Metals Group in 2009, public listing as Minmetals Resources Limited, rebranding as MMG and the successful acquisitions of Kinsevere and most recently, Las Bambas,” he said.
Mr Jiao said he was honoured by the appointment and would relocate to Melbourne with his family.
“I am excited by the opportunity to lead this dynamic Company - underpinned by quality assets and talented people. We remain as committed as ever to growing our business and to delivering value for our shareholders, our employees and our communities,” he added.
Mr Michelmore said that his decision to resign, announced in September 2016, and retire in the coming months was not an easy one but that he leaves MMG with much pride.
“Over the past eight years we have built a unique company and I am particularly pleased to be handing over to Jerry, a founding member of MMG and, since 2014, our Chairman,” he said.
“It was Jerry with whom I held the first discussions regarding the creation of MMG. Jerry has been critical to the MMG strategy and the business model is in Jerry’s blood. He is uniquely placed to steer the business forward,” Mr Michelmore said.
Changes to the MMG Board of Directors
Effective today, Mr Guo Wenqing has been appointed as a new Director and Chairman of MMG. Mr Guo brings significant leadership experience including as Director, President of China Minmetals Corporation, as well as the Chairman of China Metallurgical Group Corporation (the MCC Group).
The appointment of Mr Guo is clear and continuing recognition by China Minmetals of the importance of MMG.
Mr Guo said the company’s success means that MMG is now regarded as China’s leading international mining company.
“I am excited by the opportunity to be Chairman of MMG and to support Jerry in his new role as CEO. I also look forward to being a part of MMG’s growth as we pursue our objective of being valued as one of the world’s top mid-tier miners by 2020. I thank Andrew for his significant contribution to the success of MMG to this point,” said Mr Guo.
The Board has also appointed a second new director, Mr Zhang Shuqiang who brings extensive experience in finance. He is currently the General Manager of Finance Department of China Minmetals Corporation, as well as the Deputy Director of the Office for Comprehensively Deepening the Reform of the Corporation.
Mr Jerry (Jian) JIAO
Mr Jiao, aged 48, was appointed as MMG Chairman in August 2014.
Prior to his appointment as MMG Chairman, Mr Jiao served as a Non-Executive Director of the Company from December 2010. He has also served as a director of a subsidiary of the Company. Mr Jiao was appointed as a Vice-President of China Minmetals Corporation (CMC) in December 2015 and the Chairman of China Minmetals Non-ferrous Metals Company Limited (CMN) in February 2016. He has been a director of CMN since December 2009. Mr Jiao has been a director of Hunan Nonferrous Metals Holding Group Co., Ltd. (HNG) since July 2010.
Mr Jiao joined the CMC and its subsidiaries (CMC Group) in 1992. He was the Vice-President of CMN from 2007 to May 2010. Mr Jiao was the President of CMN from May 2010 to January 2016.
Mr Jiao holds a Bachelor’s degree in International Economics from the Nankai University in the People’s Republic of China (PRC) and a Master of Business Administration degree from Saint Mary’s University in Canada. He has extensive experience in international trade, investment and corporate management.
Mr Guo Wenqing
Born in December 1964, Mr Guo is currently the Director, President of China Minmetals Corporation, as well as the Chairman of China Metallurgical Group Corporation (the MCC Group) since May 2016.
From 1994 to 2002, Mr Guo had served as Deputy Director, then Director of the Hebei Province Highways Authority, Chairman and General Manager of the Hebei Province Highways Development Company Limited, and Director of the Hebei Province Ports Authority. From 2002-2008, Mr Guo served as Executive Director and Deputy General Manager of CRBC International Co., Ltd. From December 2008 to July 2012, Mr Guo served as Director of Metallurgical Corporation of China Ltd. (the MCC Ltd), and Director of the MCC Group. Mr Guo served as Vice Chairman and General Manager of the MCC Group from July 2012 to August 2014, and Chairman of the MCC Ltd since September 2013. From August 2014 to April 2015, he served as the Chairman and General Manager of the MCC Group. Since April 2015, he served as the Chairman of the MCC Group.
Mr Guo graduated from Hebei University of Science and Technology with a bachelor’s degree in business administration, and obtained an executive MBA degree from Tsinghua University.
Mr Zhang Shuqiang
Born in October 1966, Mr Zhang is currently the General Manager of Finance Department of China Minmetals Corporation, as well as the Deputy Director of the Office for Comprehensively Deepening the Reform of the Corporation.
Mr Zhang began his career at China National Nonferrous Metals Import & Export Corporation and worked as the Financial Accountant since 1987. From 1997 to 2000, Mr Zhang served as Deputy Chief of the Finance Division of China National Nonferrous Metals Industry Trading Group Corporation. Mr Zhang served as Assistant General Manager of Finance Department of China National Nonferrous Metals Industry Trading Corporation from 2000 to 2002. He served as Assistant General Manager (April 2002-March 2003) and Deputy General Manager (March 2003-October 2005) of Finance Department of China Minmetals Non-ferrous Metals Co., Ltd.. From October 2005 to May 2013, Mr Zhang served as Deputy General Manager of Finance Department of China Minmetals Corporation. From May 2013 to December 2015, Mr Zhang served as the Vice President and Chief Financial Officer of China Minmetals Nonferrous Metals Holding Co., Ltd.. From December 2015 to January 2016, Mr Zhang served as the Deputy General Manager (acting) of Finance Department of China Minmetals Corporation. He served as the General Manager of Finance Department of China Minmetals Corporation since January 2016, as well as Director of China Minmetals Non-ferrous Metals Co., Ltd..
Mr Zhang graduated from Zhejiang Metallurgical Economy College majoring in Financial Accounting, and obtained a master degree from Wuhan University of Technology.