David Meldrum has officially taken the helm at mining software company Runge (ASX:RUL) with his appointment as managing director.
Meldrum was promoted to acting CEO three months ago, following the resignation of former managing director Tony Kinnane. At the time, Runge said it would search internally and externally for a replacement.
Runge chairman Vince Gauci said Meldrum's tenure as acting CEO convinced the board he was a suitable candidate for the managing director position.
Meldrum acknowledged he has some work to do. “Since listing in 2008 it is fair to say that Runge Limited has performed below the board's and market expectations,” he said, but expressed confidence in the company's underlying business and prospects.
Meldrum will be entitled to a fixed remuneration of $471,000 per year, 500,000 sign-on share options and short and long-term incentive bonuses.
He has been working at Runge for five years, including as executive general manager for global operations.
RUL shares fell 9.72% in Thursday's trading to $0.325.