0:02 / 8:27
American Rare Earths Ltd (ASX:ARR, OTCQB:ARRNF) has appointed Kenneth ‘Ken’ Traub as chairman of the board following the retirement of long-serving chairman, Francis Creagh O’Connor.
“On behalf of the board, I want to extend our sincere appreciation to Creagh for his visionary leadership, his unwavering support, and his contributions to the Company during the past 13 years,” said Ken Traub.
“We wish him all the best in this new chapter of his life.”
Outstanding track record in transforming businesses
With more than 30 years of successful experience serving American and global public companies as a chairman, director, CEO and investor, Traub has an outstanding track record in transforming a wide range of businesses through driving strategic, financial, operational and governance initiatives to maximize shareholder value.
Traub is also currently on the board of directors of Tidewater, Inc. (NYSE: TDW), the leading global owner and operator of offshore support vessels for the energy industry.
He earned an MBA from Harvard Business School in 1988.
“Critically important mission”
“I am honored to succeed Creagh as chairman,” stated Mr. Traub.
“American Rare Earths has a critically important mission.
“Rare earth minerals are essential for the energy transition as well as United States financial and national security, yet approximately 85% of the world’s rare earth minerals are supplied by China.
“American Rare Earths owns some of the largest reserves of rare earths in North America, and we intend to pursue the most effective strategies to meet this critical need while building sustainable value for our shareholders.”
O’Connor has been chairman of the board of the company since its inception in 2011 and has overseen its transformation from the developer of a cobalt project near Broken Hill in Australia to a US-based explorer and developer of potentially the largest rare earths project in the United States.
He has accepted the title “Chairman Emeritus”, reflecting the honorary role he will perform providing wisdom and guidance to the board.
“It has been a privilege to have served American Rare Earths from its formative years to where it is today. I have appreciated the engagement and support of the Company’s many stakeholders and look forward to maintaining my involvement as Chairman Emeritus and a supportive shareholder,” said O’Connor.
“I have every confidence that Ken has the vision and expertise to lead the company going forward.”