Mount Gibson Iron Limited announced that Mr. Geoff Hill would step down as Chairman of the Company and, later in 2014, will retire as an independent director. In line with Board succession planning, the current Deputy Chairman, Mr. Lee Seng Hui, will assume the role of Chairman. Mr. Lee is a non-independent Director under ASX Corporate Governance Principles and Recommendations because he is a representative of Mount Gibson's major shareholder, APAC Resources Limited.

To maintain a strong corporate governance structure, consistent with ASX guidelines, the Board has amended Mount Gibson's corporate governance policies to permit the appointment of a Lead Independent Director, who would manage any actual or perceived conflict situations that might arise having a non-independent Director as Chair. The Lead Independent Director will be Mr. Simon Bird, who was appointed as an independent director of Mount Gibson in February 2012 and is Chairman of the Audit and Financial Risk Committee.