Boart Longyear appoints Jeff Olsen as CEO

Boart Longyear | March 1, 2016 | 1:54 pm

Boart Longyear Limited (ASX:BLY) – Boart Longyear announces the appointment of Jeff Olsen as its President and Chief Executive Officer effective 1 March 2016. Mr Olsen also joins the Board of Directors as of that date. Mr Olsen has served as the Company’s Chief Financial Officer since joining Boart Longyear on 1 April 2014.

Marcus Randolph, Boart Longyear’s Executive Chairman, said, “Jeff’s appointment comes after a thorough search of internal and external candidates. The Board of Directors feels Jeff’s breadth of experience, mix of financial and commercial skills and strong understanding of the Company and its markets make him especially well-suited to lead the Company. We have had the opportunity to observe Jeff’s skills and leadership through his involvement in Company priorities, such as the recapitalisation of the Company completed in January 2015 and the operational and commercial improvement initiatives we currently are undertaking. We know he will be a strong leader.”

Prior to joining Boart Longyear, Mr Olsen spent 18 years at Rio Tinto in the United States and the United Kingdom in a broad range of increasingly senior positions in its copper and industrial minerals businesses, as well as working at the Rio Tinto group level. Among other roles, he served as Chief Commercial Officer of Rio Tinto Iron & Titanium from 2010 to 2014, Chief Financial Officer of Rio Tinto Minerals from 2006 to 2010 and Chief Financial Officer of Rio Tinto Borax from 2002 to 2006.

Mr Olsen commented on his appointment, stating, “I am honoured to lead Boart Longyear and its talented and dedicated employees. Our team will continue to prioritise the creation of long-term shareholder value. We will do this by driving operational efficiencies in the business and optimising commercial practices to deliver value for our customers. Boart Longyear has a proud history of more than 125 years, and my goal is to build on the Company’s legacy of technical excellence, innovation and industry-leading safety practices.”

With Mr Olsen’s appointment, Mr Randolph relinquishes his duties as Boart Longyear’s Interim CEO and the associated day-to-day operating responsibilities. Mr Randolph will remain as the Company’s Executive Chairman for the foreseeable future to assist with Mr Olsen’s assumption of his new duties. The Company will undertake a search for a chief financial officer to succeed Mr Olsen. In the meantime, Mark Hauber, the Company’s Vice President, Corporate Financial Planning and Analysis and Drilling Services Finance, will serve as Interim CFO. Mr Hauber has been with Boart Longyear for 10 years and has held a number of progressively responsible finance roles. He has a B.S. from Cornell University.

About Boart Longyear

Boart Longyear is a leading global supplier of drilling services, drilling equipment and performance tooling. It also has a substantial presence in aftermarket parts and service, energy, mine dewatering, oil sands exploration, and production drilling.

The Global Drilling Services division operates in 30 countries for a diverse mining customer base spanning a wide range of commodities, including copper, gold, nickel, zinc, uranium, and other metals and minerals. The Global Products division designs, manufactures and sells drilling equipment, performance tooling, and aftermarket parts and services to customers in over 100 countries.

Boart Longyear is headquartered in Salt Lake City, Utah, USA, and listed on the Australian Securities Exchange in Sydney, Australia. More information about Boart Longyear can be found at www.boartlongyear.com. To get Boart Longyear news direct, visit http://www.boartlongyear.com/rssfeed.