Atlas Iron shares have lifted after the company moved its former boss Ken Brinsden to a non-executive role as it cuts costs.
The Pilbara iron ore miner will shave another $1 million off its costs as it reduces the number of senior executives from five to three as part of a senior team reshuffle.
Ken Brinsden has moved from an executive director to a non-executive director, three months after stepping aside from the top job to make way for Atlas founder and chairman David Flanagan.
Atlas said the changes to the executive team represent a total annual saving to Atlas of about $1 million.
"They will also ensure that the company retains Mr Brinsden's extensive operational skills and knowledge," Atlas said in a statement.
Mr Brinsden steered the company as its managing director from 2012 to 2015.
Atlas said chief commercial officer Mark Hancock will take on the role of chief financial officer following the resignation of Brian Lynn in August.
Weakness in Australia's largest export commodity contributed to $1.01 billion in impairment charges and asset value writedowns taken by Atlas Iron last month, leading to a $1.4 billion annual loss.
Shares in the company were 0.2 cents, or 7.7 per cent, higher at 2.8 cents at 1110 AEST.
They have lost more than 80 per cent of their value over the past year.
Share
