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Crusader's appoints new board members as Engelbrecht, Vickerman resign

On its path to revival, Crusader Resources (ASX:CAS) has appointed Stephen Copulos as non-executive chairman and Andrew Richards as executive director to replace the resigning chairman Andrew Vickerman and managing director Marcus Engelbrecht.
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Previous Crusader chairman Stephen Copulos has returned after the ailing company left AIM

Staff reporter

The latter two resigned after shareholders voted to delist from AIM at a February 28 general meeting, which will take effect on March 8.
 
Copulos is Crusader's largest shareholder and was previously non-executive chairman from March 2013 until April 2018 when it listed to AIM.
 
He has over 35 years' experience in a wide range of industries, including mining and has been managing director of the Copulos Group since 1997. 
 
Copulos is currently non-executive chairman of Consolidated Zinc Limited and non-executive director of Restaurant Brands Limited in New Zealand. 
 
Richards will be a part-time executive director and manage the day to day operations.
 
He is a geologist with over 30 years' experience in the mining industry in management and project finance roles, as well as senior level roles in production and exploration over a range of areas and commodities. 
 
Richards was previously managing director and CEO of two ASX-listed companies operating in China and is a member of the AusIMM, AIG and SEG.
 
Both new board members have accepted reduced remuneration due to Crusader's current financial position and will receive $50,000 per annum each in fees and salaries, while Richards will receive 5 million ordinary shares at an issue price of 1c per share, subject to shareholder approval.
 
Crusader has also made the full-time managing director position redundant to reduce corporate overheads and consolidate the executive team in Perth.
 
"The new board is very conscious of the need to consolidate management and the structure of the company to maintain focus and deliver on the potential of the company's projects," Copulos said.