Hodges was chief executive of Bradken since 1997. He guided it through considerable change, including its 2004 listing, its run as a market darling and, more recently, some tough times.

The company had its best period, at least in share price terms, in 2007. It hit an all-time high of $14.68 on October 31 of that year. The company reached its lowest point on the share market on December 21 last year, slumping to 44c.

There had been some hope of a merger from Sigdo Koppers and CHAMP. Under the deal SK-CHAMP was to put $70 million into Bradken that should have given it the flexibility it needed to handle the downturn.

Sadly, that deal fell away.

Hodges advised the Bradken board on December 3 that he would be leaving at year’s end.

That leaves Arnall with a big job to try and right the ship at the embattled mining supplier.

His first act will be to find a replacement for Hodges.

Arnall was general manager international at Smorgon Steel Product Group, group chief executive of Tube Mills and Mining Services and group chief executive of ANI Products Group.

He is also chairman of AJ Lucas Group and private building company ISIS.

Arnall became chairman of Bradken on September 29 when Nick Greiner stepped down from the role.

Bradken shares reached 53c in morning trading.