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Alumina CEO John Bevan retires

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Alumina CEO John Bevan has announced he will retire at the end of the year.


Bevan has held the role since 2008.

Company director Peter Wasow has already been named as his successor.

Despite officially retiring, Bevan will still continue to work with Wasow and chair John Pizzey through 2014 as Wasow settles in to the role.

It comes as the company reported a first half loss on the back of an aggressive cost cutting strategy.

Earlier this year shareholders also revolted against the company's executive pay, delivering a first strike vote.

According to the two strikes rule, shareholders can spill the board next year if more than 25 per cent vote against it a second time.


The strike came after suggestions by shareholder activists that Alumina was simply a post office that collects dividends for shareholders.

Although Alumina is among the ASX sharemarket's top 100, it doesn’t actually operate the bauxite, alumina and aluminium assets it has a 40 per cent stake in with Alcoa.

As Australian Shareholders Association member Graeme Hawkins pointed out, Bevan received a bonus worth more than half of his salary, while ordinary shareholders had received no dividends and the share price had fallen.

Chairman John Pizzey responded to these claims by saying that the leadership team including directors had a difficult job negotiating receiving dividends from Alcoa that they did not have to pay.

Alumina operates in Australia with Alcoa, at the Wagerup, Kwinana,and Pinjarra alumina refineries, at the Point Henry and the Portland aluminium smelters, as well as the Huntly and Willowdale bauxite mines.

 

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