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Stanmore clear-out gives CEO a Golden handshake after just five months

Business

Stanmore Coal’s chief executive Craig McCabe has quit after only five months in the job.

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There have been several departures from the company, which is now under the control of Golden Investments, since the new owners moved in. It now has just over 75 per cent of Stanmore shares, but has ruled out compulsory acquisition.

Chief financial officer Ian Poole left in May and chairman Stewart Butel and directors Steve Bizzell and Neal O’Connor stood down for Golden to appoint its own directors, Dwi Sueno, Mark Trevan, Richard Majlinder and Mary Carroll.

Marcelo Matis has taken over as interim chief executive and will earn at least $465,000.

Stanmore bought the Isaac Plains for $1 and have since turned it into a strongly performing coal project in central Queensland.

Two weeks ago it announced a significant boost to its resources at the nearby Isaac Downs project with marketable coal at 17.9 million tonnes. A bankable feasibility study is now being done.

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