Legacy Iron Ore Limited announces a significant leadership reshuffle with CEO Rakesh Gupta stepping down immediately and Dr Ranajit Das appointed to lead the company from July 2025. Ben Donovan also joins the board as a Non-Executive Director.
- Immediate resignation of CEO Rakesh Gupta
- Dr Ranajit Das appointed CEO starting 1 July 2025
- Interim CEO role filled by Chandra Bhushan Verma
- Ben Donovan appointed as Non-Executive Director
- CEO remuneration and contract terms disclosed
Leadership Transition at Legacy Iron Ore
Legacy Iron Ore Limited (ASX – LCY) has announced a notable change in its executive leadership with the immediate resignation of CEO and Director Rakesh Gupta. Mr Gupta, who has been at the helm since 2015, played a pivotal role in transitioning the company from an exploration phase to active gold production at the Mt Celia gold project.
In a move that signals continuity and experience, the company has appointed Dr Ranajit Das as the new Chief Executive Officer, effective 1 July 2025. Dr Das brings over three decades of mining expertise spanning Australia, Chile, and India, with a strong background in mine planning, feasibility, and operational management. His previous roles include senior positions at Incitec Pivot Ltd and JSW Steel Limited, where he managed extensive mining operations and life-of-mine projects.
Interim Leadership and Board Strengthening
Until Dr Das assumes his role, Legacy Iron Ore has appointed Chandra Bhushan Verma, the company’s head of mining and exploration, as interim CEO. This interim arrangement suggests a seamless leadership handover aimed at maintaining operational stability.
Alongside the CEO transition, the company has strengthened its board by appointing Ben Donovan as a Non-Executive Director with immediate effect. Mr Donovan, who also serves as Company Secretary, brings valuable capital markets experience and governance expertise, having supported numerous companies through IPOs and capital raising initiatives.
Strategic Implications and Outlook
Legacy Iron Ore’s Chairman, Amitava Mukherjee, expressed gratitude to Mr Gupta for his contributions and optimism about the future under Dr Das’s leadership. The new CEO’s extensive technical and operational background aligns well with Legacy’s ongoing projects, including the Mt Bevan Iron Ore Project and the South Laverton Gold Project, positioning the company to potentially accelerate development and resource optimisation.
The disclosed CEO remuneration package includes a fixed annual salary of A$275,000 plus discretionary incentives up to 20%, reflecting a performance-linked approach. The contract terms also feature a probationary period and standard termination and restraint clauses, underscoring a balanced governance framework.
As Legacy Iron Ore navigates this leadership transition, investors and stakeholders will be watching closely for any strategic shifts or operational updates that could influence the company’s trajectory in the competitive mining sector.
Bottom Line?
Legacy Iron Ore’s leadership reshuffle sets the stage for a new chapter, investors await signs of strategic momentum under Dr Das.
Questions in the middle?
- What strategic priorities will Dr Ranajit Das pursue upon taking the CEO role?
- How will the interim CEO manage ongoing projects during the transition period?
- What impact will Ben Donovan’s board appointment have on governance and capital strategy?