Ormonde Mining taps Brendan McMorrow for CEO

Natural resources business Ormonde Mining said on Tuesday that Brendan McMorrow has been appointed to the role of chief executive officer, replacing Jonathan Henry with immediate effect.

McMorrow, who joined Ormonde as a non-executive director back in September, will also continue to act as company secretary and chair of its audit committee, while also sitting on its remuneration, technical, and ESG committees.

The AIM-listed firm added that McMorrow will also assist in the identification of new opportunities within the natural resources sector.

Chairman Brian Timmons said: "The new board is acutely aware that shareholders have been waiting a long time for the company to deliver a return to shareholders and, more recently, to utilise its balance sheet and deliver a strategy creating meaningful shareholder value.

"Working with Brendan, our priority is to evaluate and execute an opportunity or opportunities whereby Ormonde can leverage its listing and balance sheet to generate shareholder value. We will do this alongside reviewing the company's existing assets to maximise opportunities therein, while placing a strong emphasis on cash preservation."

As of 1025 GMT, Ormonde shares were down 5.56% at 0.85p.