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Petropavlovsk CFO Andrey Maruta resigns
Gold miner Petropavlovsk announced the resignation of its chief financial officer Andrew Maruta on Friday, along with the appointment of former HSBC investment banker Adrian Coates to the position of independent non-executive director.
Maruta will leave the company on 1st April after the 2017 audited accounts are approved but will provide consultancy services for several months after to ensure a smooth transfer of responsibilities.
Chairman Ian Ashby said: "Andrey has been an important part of the Petropavlovsk board and senior management team for a number of years. It is his decision to seek other opportunities, and we are sorry to see him leave. We wish him well in the future."
The group also said that Coates, who has held senior positions with HSBC Bank and UBS Investment Bank, will become an independent non-exec director with immediate effect. Coates currently holds non-executive positions at JKX Oil and Gas , where he is senior independent director and chairman of the Audit Committee and at Thor Explorations, where he is non-executive director and chairman of the Audit Committee.
Previously, he has held non-executive positions at Polyus Gold International, Kazakhgold Group and Regal Petroleum and has worked as a strategic consultant to prominent clients in the metals and mining industry.
Ashby said: "The board is pleased to welcome Adrian to Petropavlovsk and looks forward to working together with the augmented team following the recent appointments of Roman Deniskin and Bektas Mukazhanov announced on 8 February 2018."
He added that Coates' experience will be "very valuable".
At 1215 GMT, the shares were up 3.6% to 7.80p.