- Ten Sixty Four (X64) Terminates Former Managing Director Paul Ryan Welker’s Executive Services Contract, Effective Immediately
- It was noted that Mr. Welker did not disclose in writing that he had a direct financial interest in another company that entered into a commercial contract with an entity within X64
- It was also noted that he had not obtained written board approval to own or retain his stake in that company.
- Mr. Welker gave his six-month notice to resign on June 30 following his appointment as CEO in early March
- X64 ends the day 3.08% in the red with shares trading at 63 cents
Ten Sixty Four (X64) have terminated the executive services contract of former general manager Paul Ryan Welker, effective immediately.
It was noted that Mr. Welker did not disclose in writing that he had a direct financial interest in another company that entered into a material commercial contract with an entity within X64.
It was also noted that he had not obtained written board approval to own or retain his stake in that company.
Until a replacement CEO is appointed, Executive Chairman Jeffery McGlinn will continue to lead the company.
On June 30, it was announced that Mr. Welker had donated X64 six months’ notice of his resignation, but in accordance with the terminated agreement, Mr. Welker will leave the company immediately.
Mr. Welker was named CEO in early March, when the company was known as Medusa Mining.
Prior to joining the company, Mr. Welker worked for EAS Advisors in New York and held positions at Rio Tinto (RIO), Standard Bank and Hancock Prospecting.
He was appointed non-executive director on March 3 following the acquisition of Ten Sixty Four by Medusa.
Mr Welker took over from Andrew Teo, however, no details were given as to why Mr Teo’s contract was terminated.
X64 ended the day 3.08% in the red with shares trading at 63 cents.
