Alumina Limited boss John Bevan will step down at the end of December after more than five years with the company.
Mr Bevan, who’ll retire on December 31, will be replaced by Peter Wasow, who is currently a member of Alumina’s board of directors and has held senior roles with Santos and BHP.
The outgoing chief executive faced a first strike against his $2.2 million pay packet in May after more than 50 per cent of shareholders voted against the company’s remuneration report.
Shareholders said the salary was too high for what some regarded as a “post office” company that merely collects dividends.
Alumina is among Australia’s 100 largest companies but does not actually operate the bauxite, alumina and aluminium assets it co-owns with American giant Alcoa.
Company chairman John Pizzey on Wednesday praised Mr Bevan’s leadership.
“John was appointed to the role of CEO just prior to the global financial crisis and has steered the company through a difficult and volatile period for aluminium and alumina markets,” he said in a statement.