Stillwater Mining Appoints Michael McMullen CEO To Succeed McAllister

(RTTNews) - Platinum group metals producer Stillwater Mining Co. (SWC) announced Tuesday the appointment of Director Michael McMullen as the new chief executive officer, effective immediately. McMullen will succeed Frank McAllister, who announced his retirement in June 2013.

McAllister joined Stillwater in February of 2001 as its chairman and CEO, and was responsible for listing Stillwater on the New York Stock Exchange.

Meanwhile, the company noted that Terrell Ackerman will remain as vice president of corporate development after servings as the interim CEO of the company since McAllister's retirement in June 2013. McMullen's appointment is a results of a global search process.

"Mick McMullen has extensive experience in the metals and mining industry at the CEO and Board level. He has a proven track record of building and leading successful teams, employing strict capital discipline, and delivering outstanding returns to investors. His time as Chairman of our Technical and Ore Reserves Committee has provided him with valuable insight into the business and the opportunities available," Chairman Brian Schweitzer said in a statement.

McMullen has been on the board of directors of Stillwater since May 2, 2013, and currently serves as a Principal at MRI Advisory AG, where he has been responsible for investing the mining equity investments of the principals.

McMullen has been responsible for the development of several large open pit and underground mines in Australia, Europe and Latin America during his 21-year career. His experience covers a range of commodities including copper, gold, iron ore and platinum group metals.

McMullen has also served in several management, directorship, and investment roles in the metals and mining industry, including positions as executive chairman of Nevada Iron Ltd. And Lachlan Star Ltd. He also formed Northern Iron Ltd. in 2007.

Earlier in his career, McMullen was a partner and audit manager at mining consultancy firm RSG Global Consulting Pty Ltd.

SWC closed Monday's regular trading session at $11.03, down $0.06 on a volume of 1.20 million shares.