OTOC appoints new CEO

UPDATE 1.15pm: OTOC has appointed BHP Billiton executive Simon Thomas as its new chief executive to replace Adam Lamond who will take up a strategic role as executive director.

Mr Thomas, who has 22 years' experience in the resources and manufacturing industry, most recently worked as project manager for BHP's Jimblebar project.

Mr Lamond said Mr Thomas would work to expand and develop OTOC to become a diverse infrastructure services company.

Mr Thomas will be paid a base salary of $425,000 plus long and short terms incentives.

OTOC shares were steady at 11.5 cents at the close.