NAUTILUS Minerals announced Geoffrey Loudon has retired as chairman of the company board, and did not stand for re-election at the company’s recent annual general meeting on 1 June.

Mr Loudon has enjoyed a long history with Nautilus, having been chairman of the board of directors since the company listed on the Toronto Stock Exchange in 2006 and for the 10 years prior to that.

Nautilus said Mr Loudon was a founding investor and active participant in the strategic development and growth of the company.

Nautilus’ president and chief executive Mike Johnston thanked Mr Loudon for his contribution to the company.

“I wish to thank Geoff for his steadfast dedication to the company and continued support of Nautilus’ staff over these many years.  We wish him all the best as he commences a well deserved retirement.”

As Mr Loudon is retiring and not standing for re-election, the board of directors has, effective immediately, appointed Mr Russell Debney as interim chairman in place of Mr Loudon.

Mr Debney has been a director of the company since it listed in 2006.

Nautilus said Mr Debney was chairman of Nautilus Minerals Niugini Limited and Nautilus Minerals Oceania Limited prior to their acquisition by the company and, along with Mr Loudon, has been involved with Nautilus almost since its inception.

In addition, the board of directors intend to embark upon a recruitment process to appoint a new independent director to the board following the AGM.