Brown, who has also been appointed executive director of the thermal and coking coal developer and producer, was appointed as non-executive chairman in August 2012 and acting chief executive officer (CEO) in June 2013.
As per the terms and conditions of the employment agreement, Brown will receive an annual gross base remuneration of 5.5 million rand, inclusive of superannuation and an annual bonus equivalent to 100 per cent of base remuneration dependant on business performance.
Bernard Pryor, who was appointed as an independent non-executive director at [DATA CZA:Coal of Africa Limited] (CoAL) in August 2012, has been appointed as its interim chairman, with effect from 1 February 2014, while the company search’s for a permanent replacement.
“I am delighted that David has joined the company on a permanent basis as CEO. CoAL now has the ability to build on the significant progress that has been made over the last 12 months,” Pryor said.
“David brings substantial South African mining experience and has been instrumental in defining the CoAL turnaround strategy and commencing its implementation. His wealth of experience will be vital as we shape CoAL towards its strategy of becoming a significant coking coal producer in South Africa.”
Coal of Africa had reported that total sales decreased by 25 per cent year-on-year from 3.3 million tonnes in 2012 to 2.5 million tonnes in 2013.