Mineral Resources CEO Chris Ellison to Step Down Amid Corporate Governance Review, Faces $8.8M Fine

Chris Ellison, Chief Executive Officer (CEO) of Mineral Resources Limited, will be stepping down from the position within the next 18 months in what the company describes as an “orderly transition.” This decision follows an internal investigation by the Board, which concluded that Ellison had, at times, used company resources for personal purposes.

In response, MinRes has imposed a USD 8.8 million fine on Ellison to underscore the importance of corporate governance and the company’s reputation. Additionally, he will forfeit USD 9.6 million in remuneration.

The investigation was initiated after allegations surfaced, including Ellison’s failure to disclose revenue from overseas entities to tax authorities before the company’s public listing—a matter for which he has since apologised.

The company’s Chairman, James McClements, will also step down by the next AGM.