MinRes Scandal to See Ellison Exit. Now What?

• Ellison will stay on as MD for 12 to 18 months as board accelerates succession plan
• Ellison to incur financial penalties of $8.8 million, with unvested LTIs and STIs forfeited
• Chair James McClements to depart board, with more board turnover expected in future due to governance issues and share price volatility

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