Bob Foster back in CEO seat at Stratex

Stratex updated the market on its search for a CEO on Wednesday, given the board has been reviewing its composition and the future direction of the company in light of the outcome of the general meeting on 1 November and the termination of the proposed acquisition of Crusader Resources.

The AIM-traded firm said that as a result of those reviews, it has invited Bob Foster - the former chief executive officer of the company - to re-join as CEO on an interim basis.

Initially, pending completion of standard regulatory due diligence, Dr Foster will be appointed to a management role within the company, and his appointment as a director and CEO will be confirmed once that due diligence has been satisfactorily completed.

His appointment will be on similar terms to those when he left as CEO in August 2016.

The board said it has mandated that Dr Foster will initially independently review the company's position and strategy, and will consider the most appropriate means and opportunities to develop Stratex, in order to advance the interests of the company and all of its shareholders.

“The board welcomes Bob's return as CEO at this important juncture for the company,” said Stratex chairman Peter Addison.

“He has a unique history with the company that will be highly valuable in reviewing and formulating the company's strategy.

“The board will provide him with every support as we seek to deliver value to all shareholders.”