The company announced this week Peter Housden would replace Andrew Price as chief financial officer in March. Its search for a new chief executive is continuing while a $100 million capital injection from Swiss commodity trader Glencore is evaluated by stockholders.
Housden, who has worked with other listed companies in the heavy industrial and resources sectors including BHP, Esso and Metal Manufactures, is already working at HWE headquarters during a two-month handover period. He comes to the company at a difficult time, with the company operating under an interim CEO, Bob Cleary, after Bruce James left in October, leaving a shock profit warning for 2004-05.
HWE spokesperson Kate Shea said the search for a permanent CEO had "fallen down a couple of notches" in priority.
"The board wants to feel comfortable the company is in a position to attract the best possible candidate for the job, and feels it will be in the best position to do that once the company is recapitalised," she told The Australian newspaper.
Shareholders will vote on the proposed Glencore plan in February. HWE has also extended its existing finance facilities to early February 2005.
