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Atlas Iron Reduces Board Size to Cut Costs

Atlas Iron has reduced the size of its board and cut pay for the remaining directors to help reduce costs amid weak iron ore prices.

Two board members have resigned, and the remaining six have offered to reduce their pay by 15 per cent, effective immediately.

Geoff Simpson resigned as a non-executive director to focus on his role at a major law firm, while Mark Hancock stood down as an executive director, but will remain chief commercial officer.

The changes come as the iron ore miner attempts to achieve annual savings of between $65 million and $90 million by June.

Rival BC Iron recently made a similar overhaul to its board, as mid-sized, higher-cost producers battle with drastic falls in the value of iron ore.

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