Artem Volynets to step down as CEO of Chaarat Gold

Armenia and Kyrgyzstan-focussed gold mining company Chaarat announced on Thursday that Artem Volynets would step down by mutual agreement from his role as chief executive officer and executive director with immediate effect, and would move into a senior adviser role.

The AIM-traded firm said its executive chairman Martin Andersson would serve as interim CEO until the formal appointment of a successor to Volynets.

As part of the company's evolving strategic requirements, earlier this year the board appointed a global executive search firm to support its succession planning process.

It said it had already reviewed a number of potential candidates for the role, and was in advanced discussions with a preferred potential candidate.

“Being part of Chaarat's dynamic evolution over the past three years has been immensely fulfilling, and I look forward to my continued association with the company in my new role as senior adviser,” said Artem Volynets.

Chaarat said Volynets would assume the role of senior adviser to the business, leveraging his experience in the mining industry across the former Soviet Union.

In the role, Volynets would focus on developing merger and acquisition opportunities in the region and assisting with capital market activities.

“I would like to thank Artem for all his hard work and dedication to Chaarat over the past three years,” said executive chairman Martin Andersson.

“Artem led Chaarat through the group's transformation from an exploration company to a producer.

“Together with his team, he has created a solid foundation for our next stage of development.”

Andersson said Artem would, in his new capacity and as a long-term shareholder, continue to add value to the business moving forward.

“The team and I look forward to continuing to work with Artem as the business advances its strategic initiatives.”

At 1301 BST, shares in Chaarat Gold Holdings were up 5.42% at 21.4p.