Alan Wigan, the current CFO, is expected to remain with the company until mid-January to help smooth the senior management transition, especially in the wake of managing director Mark Read’s unexpected resignation this month.

Wigan will be replaced by Ian Poole, who has held senior finance and commercial roles at Rio Tinto’s listed subsidiary Coal & Allied over the past eight years.

Poole served as vice-president of finance and administration for the US arm of Pasminco Resources before this time.

“Ian’s extensive experience in the financial management of coal and metals projects in Australia and overseas makes him an excellent addition to Sedgman’s executive team,” Sedgman chairman Russell Kempnich said.

Sedgman shares are down 2.4% to $2.03 this morning.