Gold miner ap­points new chief and chair­man af­ter board­room clear-out

The Daily Telegraph - Business - - Business -

◆ Gold miner Petropavlo­vsk has ap­pointed a new in­terim chief and chair­man fol­low­ing a board­room clear-out last week that saw the founders of the busi­ness re­moved by share­hold­ers, writes Si­mon Foy.

The FTSE 250 Rus­sia-fo­cused miner ap­pointed Mak­sim Meshcheri­akov as its in­terim boss, but added that any de­ci­sion on a per­ma­nent CEO and other ex­ec­u­tive man­age­ment roles would be de­ter­mined by the board “in due course”.

James W Cameron, an ex­ist­ing in­de­pen­dent non-ex­ec­u­tive di­rec­tor, was also ap­pointed as chair­man.

The moves come a week af­ter founder Peter Ham­bro, for­mer chief ex­ec­u­tive Pavel Maslovskiy and for­mer deputy chief ex­ec­u­tive Alya Samokhval­ova were voted off the board by in­vestors in a crunch vote fol­low­ing a bit­ter bat­tle over the com­pany’s fu­ture.

The board con­firmed yes­ter­day that Dr Maslovskiy had left the com­pany.

Gold has hit record highs as bond yields and in­ter­est rates re­main low.

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