Chaney appointment seals Northern Star’s blue chip status
Gold miner Northern Star’s rise to blue chip status has been marked with a cultural change in the boardroom, with prominent company director Michael Chaney AO set to become the company’s next chairman (reports The Australian Financial Review).
28th May 2021
Resources Rising Stars
Mr Chaney, who has previously chaired blue chip companies like Woodside Petroleum, National Australia Bank and is currently chairman of Wesfarmers, will replace Northern Star’s talisman Bill Beament on July 1.
The appointment continues the evolution of Northern Star’s leadership in the wake of October’s $5.76 billion merger with Saracen Mineral Holdings, which saw Saracen boss Raleigh Finlayson become managing director of the merged entity and Mr Beament decide to step down from his executive chairman role in February.
Mr Beament is a mining engineer by training and took Northern Star from a microcap to a $13 billion giant with a place in the ASX top 50 in the space of a decade.
In recognition of his skill set at the proverbial coal face, Mr Beament has exited Northern Star and taken a strategic stake in $329 million base metals explorer Venturex.
Mr Beament will become an executive director of Venturex in July and Mineral Resources Limited has also emerged as a 19 per cent shareholder in the company this year.
Mr Beament said Mr Chaney would help take Northern Star to the next level.
“He is one of Australia’s most respected and successful business leaders whose vast knowledge and experience at the highest levels will be invaluable to the company as it embarks on its next chapter,” he said in a statement.
Image credit: Wesfarmers
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