4th Feb 2014 10:15
LONDON (Alliance News) - Coal of Africa Ltd Tuesday said it has appointed David Brown as its permanent chief executive from February 1.
Brown has been acting CEO since June last year, having joined the company as non-executive chairman in August 2012.
Brown's first task will be to push forward the company's ongoing restructuring. Late last month, it had reported a drop in fourth quarter sales as it focused on scaling back operations, modifying the plant at its Vele Colliery and selling its Woestalleen complex.
The new CEO was previously at Impala Platinum Holdings Ltd for almost 14 years. He was chief financial officer and then CEO of Impala.
Bernard Pryor has been appointed interim chairman while Coal of Africa looks for a replacement for Brown in that role.
"I am delighted that David has joined the company on a permanent basis as CEO. CoAL now has the ability to build on the significant progress that has been made over the last 12 months. David brings substantial South African mining experience and has been instrumental in defining the CoAL turnaround strategy and commencing its implementation. His wealth of experience will be vital as we shape CoAL towards its strategy of becoming a significant coking coal producer in South Africa," Pryor said in a statement.
Coal of Africa shares were down 4.7% at 5.60 pence Tuesday morning, having hit a new low for the stock in at least eight years at 5.59 pence earlier in the morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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