21st Oct 2014 13:49
LONDON (Alliance News) - Petropavlovsk PLC Tuesday rubber stamped the re-appointment of Pavel Maslovskiy as chief executive, a move that calls time on Sergey Ermolenko's stint at the helm.
In a statement, Petropavlovsk said that Maslovskiy will become CEO from November 5, with Ermolenko, who has held the role since December 2011, reverting to his role as general director of Management Company Petropavlovsk, a subsidiary of the group.
The news comes just under week after Petropavlovsk said Maslovskiy would return to the company as chief executive on the condition of board approval, following his retirement as a Member of the Federation Council, Russia's upper house of parliament.
Maslovskiy and Chairman Peter Hambro founded Petropavlovsk in 1994, but the mining company is now facing the need to refinance.
Petropavlovsk shares were Tuesday quoted up 1.9% at 26.50 pence.
By Samuel Agini; [email protected]; @samuelagini
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