The Board of Mineral Commodities (ASX:MRC)
has terminated its CEO Mark Caruso.
The company says the decision is a result of a breakdown in the relationship between the board and the CEO as a result of a potential related party matter.
The enquiries are ongoing and the company is refusing to provide further details at this time, but it did imply that its legal and governance obligations had prompted the decision.
Non-executive director Russell Tipper will act as CEO while the company searches for a replacement.
Shares in Mineral Commodities (ASX:MRC)
are trading 12.5 per cent lower at 32 cents.