Mineral Resources has scrapped its succession plan for CEO Chris Ellison, allowing him to remain in his role indefinitely.
The company announced in 2025 that Ellison would step down by mid-2026 following an investigation that found he misused company funds and neglected to pay taxes.
Mineral Resources Chairman Malcolm Bundey said that the board reviewed the status of the succession plan and found that it was outdated.
“While the former board had announced a target date for succession, the support program for this was outdated and, in our view, could not confidently deliver the intended outcomes of a smooth transition without creating unnecessary risk for the company and its shareholders,” Bundey told shareholders during the company’s annual general meeting.
Bundey and Ellison believe the leadership transition should be a well-managed process, and finding the right person to lead a founder-led business like Mineral Resources was complicated.
“A CEO and founder transition should never be treated as a single day in the calendar. It is not about simply searching for and naming a successor – it is about identifying the right person but also putting in place the organisational structures, resources and support to ensure they will succeed,” Bundey said.
Recruitment firm Korn Ferry and HR consultant Xperience helped the company design and implement a three-stage leadership succession program.
The first stage involves implementing a structure that supports a more traditional CEO-led approach, followed by establishing robust executive leadership team operating practices.
The third stage involves identifying internal candidates against a clear CEO profile.
“We will measure success by putting in place the right leader, the right organisational structure and the right foundations for MinRes to thrive long after the transition. The success of this transition will be Chris’ legacy and he is committed to it.”
Meanwhile, the company is focused on ramping up its Onslow Iron project, which Bundey described as a “critical project” for the company.
“It is a generational asset that transforms our iron ore portfolio and underpins the growth of the mining services business and MinRes’ future cashflows.”
