Kenmare promotes Tom Hickey to managing director

13th Aug 2024 11:50

(Sharecast News) - Titanium and zircon producer Kenmare Resources announced the appointment of Tom Hickey as its new managing director on Tuesday, effective from 15 August.

The London-listed company said Hickey, who had been serving as its finance director since September 2022, would succeed Michael Carvill, who was stepping down after 38 years in the role.

Hickey would continue as an executive director on Kenmare's board while the company conducted a search for his successor as chief financial officer.

His appointment followed a successful tenure as finance director, during which he played a key role in securing a $200m revolving credit facility, enhancing the company's financial flexibility, and negotiating the renewal of the implementation agreement with the Mozambique government for the Moma titanium minerals mine.

Kenmare said Tom Hickey would bring 24 years of extensive experience in executive roles across various public companies, including eight years as chief financial officer at Tullow Oil, where he contributed to the company's growth from a micro-cap to a FTSE 100 business.

His background also included senior financial roles at Petroceltic International and board-level experience with United Oil & Gas plc and Petroneft Resources.

"As previously announced, Michael Carvill, Kenmare's founder, will be stepping down as managing director after almost four decades," said chairman Andrew Webb.

"Michael's vision, energy and commitment have enabled Kenmare to become one of the largest titanium minerals producers in the world and a name respected and admired throughout the industry.

"To select Michael's successor, the board conducted a rigorous process, including both external candidates and those on our internal succession plan."

Webb said following that, finance director Tom Hickey was chosen to be the company's next managing director.

"Tom has extensive experience in finance and natural resources, including as chief financial officer of Tullow Oil, which grew to be a FTSE 100 company during his tenure.

"The board felt that Tom's combination of financial acumen, capital markets experience and knowledge of Kenmare's business made him uniquely qualified to lead the company at this important time and to continue delivering value for all stakeholders."

At 1122 BST, shares in Kenmare Resources were up 0.15% at 334.5p.

Reporting by Josh White for Sharecast.com.