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What will be the impact on Mineral Resources' stock price within 3 months after Chris Ellison's departure?
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Story
Mineral Resources Founder Chris Ellison to Step Down Amid $18.4m Tax Scandal
Nov 3, 2024, 11:45 PM
Chris Ellison, founder and managing director of Mineral Resources, is set to step down within 18 months following a board investigation into his tax affairs and misuse of company resources. The board has imposed an A$8.8 million ($5.8 million) fine and reduced his pay packet by $9.6 million, delivering an $18.4 million blow to Ellison. This decision comes after a Financial Review investigation revealed Ellison's involvement in a tax evasion scheme and other questionable business practices. The chairman of Mineral Resources is also expected to step down before the next year's AGM.
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