FBR Limited (ASX:FBR) has announced the appointment of Mark Pivac, the company’s co-founder and Chief Technology Officer, as its new Chief Executive Officer, effective April 17, 2025. He succeeds Mike Pivac, who is retiring from the CEO and Managing Director role. Simultaneously, Glenn Cooper will retire as a non-executive director. The move aligns with FBR’s strategy to commercialize its Dynamic Stabilization Technology (DST) and Hadrian X robot, while also focusing on cost efficiency.
Mark Pivac brings 35 years of engineering experience to the CEO position and will continue providing technical leadership. FBR is actively engaging with strategic partners to pursue commercial projects for Hadrian X and explore adjacent applications of FBR’s technology in various industries including shipbuilding, steel, and energy.
In tandem with the leadership change, FBR’s board will be reduced to four members, including three non-executive directors. Each non-executive director’s base salary has been revised to $50,000 per annum, effective April 14, 2025, demonstrating commitment to the company’s cost rationalization program, initially announced on March 27, 2025. Any unvested securities held by retiring directors will lapse. Mark Pivac’s remuneration will be $322,539.00 to 30 September 2025 following a recent 30% salary reduction; it was previously $460,000pa.
FBR is positioning itself as a leader in developing large-scale robotic solutions. The company offers services and products leveraging its in-house capabilities in design, analysis, prototyping, programming, and commissioning of complex mechatronic systems. FBR is focusing on commercializing its DST and long boom delivery technology, with Hadrian X at a commercial stage and targeting applications in shipbuilding, steel, and energy sectors. FBR highlights its ability to rapidly produce complex machined parts and laser-cut, bend, weld large fabrications, machine components, and assemble them.
