30th Nov 2020 09:47
(Alliance News) - Russia-focused gold miner Petropavlovsk PLC on Monday said it has appointed Denis Alexandrov as chief executive officer, with effect on Tuesday.
He will be replacing Maxim Meshcheryakov, who was appointed interim CEO in August. Meshcheryakov will remain with the company in a senior position to work with Alexandrov, Petropavlovsk said.
The previous CEO, Alya Samokhvalova, was ousted from the role in August following a general meeting requisitioned by shareholder Prosperity Capital Management.
Alexandrov will be joining from Highland Gold Mining Ltd, a former AIM-listing where he was CEO for four years from 2016. Prior to that, he was CEO at Russia-focused gold mining firm Auriant Mining AB.
"We are delighted to welcome Denis to Petropavlovsk. He brings significant experience in the Russian gold mining sector, understands the requirements of a listed company and has a proven ability to grow businesses for the benefit of all stakeholders. We look forward to working with him as the company continues to strengthen with an enhanced leadership team to deliver operational excellence, greater transparency and full compliance to best practice corporate governance," said Chair James Cameron.
Last week, Petropavlovsk said it had hired KPMG as an independent forensic investigator to probe some transactions undertaken by the company in the three years to this past August.
At the same general meeting in August, shareholder Everest Alliance Ltd had demanded an "independent forensic investigation" into Petropavlovsk's dealings with its directors and managers over the past three years. Everest also demanded the company look into any dealings with IRC Ltd, which is 31% owned by Petropavlovsk and operates the Kimkano-Sutarsky mine.
Shares in Petropavlovsk were down 0.9% at 26.95 pence on Monday in London.
By Dayo Laniyan; [email protected]
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