Mineral Resources appoints Brickworks deputy Malcolm Bundey as new chair to start rebuild

Mineral Resources has tapped the deputy chair of Brickworks to lead the rebuild of the depleted board and regain the trust of shareholders left burnt by a series of scandals.

Malcolm Bundey, who has never held a role with a mining-related business, will immediately join the lithium and iron ore miner and mining services provider as a non-executive director and then is set to succeed outgoing chair James McClements on July 1.

Mr McClements announced his exit shortly after revelations in October that founder and chief executive Chris Ellison was involved in historic tax evasion on co-owned offshore companies and used MinRes for personal benefit via a series of related-party transactions.

A subsequent review unveiled a catalogue of governance failures that continue to plague the miner, including the looming exit of Mr Ellison, who is due to depart before the middle of next year.

MinRes has previously said the new chair will have a major role in picking Mr Ellison’s successor.

Last month, MinRes was rocked again when Denise McComish, Jacqueline McGill and Susie Corlett — who together formed a new ethics and governance committee — all left within the space of a week with no explanation.

MinRes said Mr Bundey’s appointment followed an extensive international search and he was unanimously endorsed as its preferred candidate on April 10 — just days before Ms McGill’s and Susie Corlett’s exit.

“Mr Bundey is a highly experienced board director and executive who has led multinational and multibillion-dollar private and ASX-listed organisations through significant change, performance improvement, acquisitions and sustainable growth,” MinRes said.

“As a leader of diversified global businesses based out of Australia and the United States, he brings expertise in managing complex global heavy industry operations and deep experience across professional services, manufacturing and primary industries and private equity.”

Mr Bundey joined Brickworks in 2019 and has also served as an executive and adviser to portfolio companies for a major international private equity firm — a role MinRes said he currently holds and will continue following his appointment.

Prior to that, he was managing director of packaging business Pact Group between 2015 and 2019.

Mr Bundey’s resignation from Pact came abruptly in the wake of a poor full-year financial result.

He has also served as chief financial officer of food manufacturer Goodman Fielder, which owns brands like Helga’s and La Famiglia, and started his career at big four firm Deloitte — climbing the ranks to partnership.

Mr Bundey — who has already visited MinRes’ new Onslow Iron operations in the Pilbara — said he was committed to “putting in the hours and working as hard as it requires to restore shareholder confidence and value”.

“MinRes was built on the entrepreneurial and proactive culture that has attracted me to every senior role I’ve occupied in my career,” he said.

“I look forward to addressing the challenges before us, which we’ll approach head-on. I’m confident the new board will lead the company through the next chapter, continuing to strengthen the company’s corporate governance while focusing on a collegiate and success-driven culture in the boardroom.

“I look forward to engaging with all of our stakeholders as we navigate this path.”

Mr Bundey will pick up $750,000 a year, with half as cash and the rest, minus superannuation, to be paid in shares.

Shares in MinRes were down 5 per cent to $25.08 each in morning trade on a red day for iron ore and lithium miners.