Executives retrenched in Cockatoo purge

COCKATOO Coal says it has made significant redundancies with the casualties including chief financial officer David Smith, chief operating officer David Vink and company secretary Lee O'Dwyer.

Blair Price

The Queensland metallurgical and thermal coal producer said the redundancies were made to reduce overhead costs at the Baralaba mine and at the head office in Brisbane.

“These changes are part of a restructuring of the organisation and are not expected to adversely impact on the management of the company,” Cockatoo said.

“These employees will continue to serve the company during their notice periods. We thank them for their contributions to the company. The company will update the market on the new company secretary appointment when this is made.”

ICN has sought comment on Cockatoo on the total number of job cuts.

The move follows the appointment of former Macarthur Coal veteran Peter Kane as Cockatoo’s CEO last month.

Cockatoo was previously led by managing director Andrew Lawson with his job made redundant following a share-diluting, $125 million recapitalisation program which kept it in business.