HIGH WYCOMBE: FBR Limited (ASX: FBR, OTCQB: FBRKF), a leader in robotic technology, announced today the appointment of Mark Pivac as its new Chief Executive Officer (CEO), effective 17 April 2025. The transition comes as part of a broader board restructuring aimed at streamlining operations and reducing costs.
Mark Pivac, a co-founder of FBR and the inventor of its proprietary Dynamic Stabilisation Technology (DST®), steps into the CEO role from his previous position as Chief Technical Officer (CTO). He succeeds Mike Pivac, who is retiring as CEO and Managing Director after a decade of service. Non-executive director Glenn Cooper will also retire, reducing the board to four members, including three non-executive directors.
The board praised Mike Pivac for his “outstanding service and tireless effort” over the past ten years, while Mark Pivac emphasized his commitment to commercializing FBR’s technology, including the Hadrian X® robot and Wall as a Service (WaaS™).
Mark Pivac, an aeronautical and mechanical engineer with 35 years of experience, brings deep technical expertise to the CEO role. In a statement, he highlighted FBR’s progress in deploying robotic solutions across industries such as construction, shipbuilding, steel, and energy. “FBR is a world leader in large-scale robotic solutions, and we are now offering these services and products to customers to leverage our skills and intellectual property,” he said.
The company is actively engaging with strategic partners to expand the applications of its technology, including the Hadrian X, which has reached a commercial stage of development.
As part of its cost-cutting strategy, the board has revised non-executive director salaries to $50,000 per annum, effective 14 April 2025. Unvested securities held by retiring directors will lapse. Mark Pivac’s CEO remuneration will be adjusted to $322,539 until 30 September 2025, reflecting a 30% reduction announced earlier this year. His contract includes performance-linked incentives, such as 75 million performance rights, subject to vesting conditions.
FBR remains focused on advancing its robotic technology and expanding its market presence. Mark Pivac pledged to provide regular updates on the company’s progress in executing its corporate strategy.