• Mark Pivac, co-founder and CTO, transitions to CEO
• Revised Board composition with 4 members, including 3 non-executive directors
• Non-executive directors' base salary reduced to $50,000 per annum

FBR Limited (ASX:FBR) has announced that Mark Pivac, the company's co-founder and Chief Technical Officer, has been appointed as the new Chief Executive Officer, effective from 17 April 2025. Mike Pivac, the current CEO and Managing Director, will be retiring from his position. Additionally, Glenn Cooper will be retiring as a non-executive director. The Board will be reduced to a team of four, including three non-executive directors. The non-executive directors have agreed to a revised base salary of $50,000 per annum each, effective from 14 April 2025. Any unvested securities held by the retiring directors will lapse. The changes reflect the company's commitment to a cost rationalisation program and reduction of annual costs. FBR continues to engage with strategic partners regarding commercial projects for its Hadrian X technology and explore opportunities in the steel, mining, energy, construction, and other industries. The company thanks Mike Pivac for his outstanding service and Glenn Cooper for his contribution during their tenures. Mark Pivac, the new CEO, looks forward to commercializing the company's Dynamic Stabilisation Technology (DST) and long boom delivery technology, as well as exploring adjacent applications in the shipbuilding, steel, and energy industries.

FBR is working on adjacent applications in the shipbuilding, steel, and energy industries, leveraging its Dynamic Stabilisation Technology (DST) and large-scale robotic solutions. The company is offering these services and products to customers to benefit from its skills and intellectual property.