Engineering services company DRA Global has emerged out of a week-long break from trading advising its chief executive of three years will step down.
Andrew Naude – who lead the formerly South Africa-based company’s international expansion – did not explicitly give reason for his departure, but said he believed the company was ready for a new CEO.
The company foreshadowed a leadership change while placing its shares in a trading halt on March 3, requesting its securities remain in the halt pending a further announcement on the matter.
DRA then entered a voluntary suspension on Monday, before announcing Mr Naude’s departure four days later.
Mr Naude joined the business, which was founded in South Africa and is now headquartered in East Perth, in 2013 as a senior executive.
He took the top spot with the company in 2019 after serving as interim CEO in 2013.
“I am proud to say that everything we set out to achieve in 2016 has been achieved,” Mr Naude said in a statement.
“I joined DRA to deliver a specific growth and internationalisation objective.
“Since then, DRA has doubled in size through a successful international expansion to 4,700 employees and 19 offices worldwide and has become a truly global service provider to the mining, minerals and metals sector.”
He will be replaced by DRA senior executive James Smith who will take over as an interim CEO in May until a permanent replacement has been found.
DRA Global shares last traded at $2.76.
