Mineral Resources picks new COO Darren Killeen as favourite to eventually succeed Chris Ellison as boss

Mineral Resources has hinted who its successor to managing director Chris Ellison will be but is refusing to lock in a handover date.

MinRes on Monday released a presentation to be used by its chair Mal Bundey in meetings with investors this week, which revealed an update on the protracted process to replace the company’s founder and boss — Mr Ellison.

A “leadership assessment” by executive recruitment firm Korn Ferry has been completed, with a “long list” of internal and external candidates identified.

The MinRes board has a clear preference to promote from within to take the reins from Mr Ellison and it appears new chief operating officer, Darren Killeen, is the frontrunner.

“Whilst open to all candidates, preference for an internal candidate given the unique nature of the business and operating model,” the presentation notes stated.

“Organisational structure review to create chief operating officer role — allows potential successor to assume broader responsibilities and develop under current managing director.”

Yet, no timeline for a leadership transition was divulged.

Mr Killeen was appointed to the newly established COO role last month, having been at MinRes for almost 17 years.

He was previously the chief of MinRes’ engineering and construction division, overseeing the development of the company’s flagship Onslow Iron mining operation.

In an ASX announcement last month, Mr Ellison said Mr Killeen had been “instrumental” in delivering the major projects that “transformed” the iron ore and lithium miner.

“Darren is highly regarded and has built strong and longstanding relationships with our major clients and joint venture partners,” Mr Ellison said.

“He brings a deep knowledge of our assets, people and culture.”

Mr Ellison was originally supposed to have stepped down as boss of the company he created by now.

In November 2024, MinRes committed to finding a replacement for Mr Ellison within “12 to 18 months” after a series of scandals involving misuse of company resources and tax evasion tarnished his leadership.

The Australian Securities and Investments Commission is still investigating MinRes and Mr Ellison over the ASX debut of lithium explorer Kali Metals in early 2024.

But Mr Bundey, who was brought in to help clean up MinRes’ sullied reputation, scrapped the “arbitrary deadline” for a leadership succession at the company’s 2025 annual general meeting.

“While the former board had announced a target date for succession, the support program for this was outdated and, in our view, could not confidently deliver the intended outcomes of a smooth transition without creating unnecessary risk for the company and its shareholders,” he said at the AGM.

The pressure to replace Mr Ellison has waned over the past year thanks to a share price resurgence.

MinRes’ stock has jumped more than 200 per cent in 12 months on the back of a lithium market rebound and operational turnaround at the Onslow Iron operation.

Mr Ellison last month sold down a $122 million chunk of his holding for “personal financial planning purposes, including the establishment of a family office”.

The share sale shaved his stake down from 11.4 per cent to 10.5 per cent but the 68-year-old remains the company’s largest shareholder.