Eric Noyrez, CEO of rare earths producer Lynas Corporation (ASX: LYC) resigned from his post and will be replaced by Amanda Lacaze, Reuters reports.
Noyrez led Lynas since April 2013 as he ramped up production of rare earths at the company's Malaysia facility, but the company's weak funding position caused a 70 per cent drop in Lynas's shareprices in the past year. It was last traded at $0.165 before Noyrez quit.
Lacaze is a non-executive director of Lynas's board since January 2014. Prior to this, she held executive positions at Telstra, Orion Telecommunications, ING Bank Australia, AOL and Telecom New Zealand.
Her experience as CEO and senior manager of private and public companies spanned more than 25 years, said Lynas Chairman Nicholas Curtis.
Lynas, which said that overcoming numerous challenges and achieving consistent production is a significant transformational milestone that enables the company to place greater emphasis on commercial success, expects to reach by the end of June its targeted rate of 11,000 tonnes of rare earth a year.