UPDATE 3.10pm: Lynas Corporation has flagged a renewal of its board following the resignations of former Telstra boss Ziggy Switkowski and long-serving non-executive director David Davidson.
The company said its board had established a succession and renewal plan as it moved from rare earths developer to producer.
"The program recognises that the skills, knowledge and experience required to effectively direct an organisation will change over time in response to market developments, opportunities and evolution, and is to ensure Board renewal is achieved in an efficient and planned manner," Lynas said in a statement.
Mr Davidson has been a non-executive director with the company for more than 11 years while Mr Switkowski joined the board in February 2011.
The company is using an executive recruitment firm to help it find replacements.Lynas shares closed down two cents, or 4.94 per cent, at 38.5 cents.