IGO Expresses Confidence in New CEO Vella Following Rio Tinto Dismissal

Highlights:

• IGO's board stands firmly behind its decision to appoint Ivan Vella as CEO despite his recent dismissal by Rio Tinto, expressing confidence in his character, integrity, and professionalism.
• The board conducted a thorough investigation into the circumstances surrounding Vella's dismissal, engaging in discussions with Vella and confirming facts with Rio Tinto.
• As Ivan Vella assumes the role of CEO, IGO's nickel business faces challenges, including the aftermath of a $1.3 billion acquisition and faster-than-expected depletion of its flagship nickel mine.

In a bold move, home-grown lithium and nickel producer IGO Limited (ASX: IGO) stands firmly behind its decision to appoint Ivan Vella as CEO, despite his recent dismissal by Rio Tinto. Vella, the former head of Rio Tinto's aluminum division, faced termination on November 15 due to alleged mishandling of confidential information. IGO's board thoroughly investigated the circumstances and, after discussions with Vella and confirmation from Rio Tinto, concluded that no information was compromised.

IGO Chairman Michael Nossal expressed confidence in Vella's character, integrity, and professionalism. He stated, "Upon reviewing the full circumstances of this recent situation, the board continues to have confidence in Ivan's character, integrity, and professionalism." Vella, who spent over two decades climbing the ranks at Rio Tinto, was set to join IGO in December, stepping into his new role on December 11.

Acknowledging the regrettable events leading to his early departure from Rio Tinto, Vella emphasized there was no malicious intent. The board, impressed by Vella's values and corporate leadership track record, remains committed to the appointment.

As Vella assumes the role, IGO's nickel business faces challenges, grappling with the aftermath of a $1.3 billion acquisition of Western Areas' nickel assets and faster-than-expected depletion of its flagship nickel mine. Despite uncertainties, IGO continues its joint venture with China's Tianqi in the Greenbushes mine, securing a substantial $1.1 billion full-year dividend from the partnership.

While IGO's nickel business evaluates potential production cuts amid declining prices, Vella's leadership will play a pivotal role in steering the company through these challenges. The industry watches with anticipation as IGO forges ahead with confidence in its new CEO, demonstrating resilience in the face of adversity.

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