Centamin postpones replacement of chairman El-Raghy

Centamin executive chairman Josef El-Raghy will remain in the role as a non-executive director until 2020 after the Egyptian gold miner said it had not yet identified a suitable replacement.

El-Raghy, who after 15 years in charge last January announced that he intended to retire at the end of 2018, has handed his executive duties over to a new executive team over the course of the year.

However, as the search by the FTSE 250 company's board for candidates to take the role of non-executive chair has so far been fruitless, El-Raghy will stay in the chair as a non-executive until he is replaced by one of three non-executive directors at the AGM next year.

"Understanding the significance of a successful appointment, in the best interest of the company and its stakeholders, the nomination committee has concluded that it is essential to extend the search," the company said on Wednesday.

A global executive search firm has been appointed to assist with the "phased refreshment and diversity programme" throughout 2019. The board currently consists of two executives and six non-executives.

Three independent non-executive directors will be appointed, one of whom will transition into the role of non-executive chair by the AGM in 2020.

Having consulted major shareholders and proxy advisory groups, the board stated its belief that it is "in the best interests of the company and its stakeholders" that El-Raghy continue as chair during the coming year "to provide continuity during this period of the board's evolution" and that "the rigorous recruitment process to identify an independent non-executive chair remains a key priority".