Flinders Mines (ASX:FMS) has appointed highly experienced mining executive Steven Michael as its Managing Director and Chief Executive Officer, effective March 2.
Flinders Mines says Mr Michael has been tasked with developing the company's flagship Pilbara Iron Ore Project (PIOP).
It also says his base salary is $527,500 per annum, plus short-term and long-term incentives, and will also receive 500,000 shares in two tranches, and 4,000,000 performance rights that vest on achievement of various performance and tenure hurdles.
Following the announcement, shares of Flinders Mines were up 2.08%.