Petropavlovsk appoints interim CEO, new chairman

The FTSE 250 Russia-focussed gold miner said Meshcheriakov would not be a director of the company on his appointment, adding that the appointment of a permanent CEO and other executive management roles would be determined by the board “in due course”.

Meshcheriakov was expected to be a candidate for the CEO role.

The board also confirmed that founder and former CEO, Dr Pavel Maslovskiy, has left the company.

It also announced that it has appointed James W Cameron Jr, an existing independent non-executive director, as chairman, while Charlotte Philipps was appointed as senior independent director.

Petropavlovsk said it was committed to ensuring its board had the necessary strength and breadth, including appointing additional independent non-executive directors, and would shortly engage an external search consultancy to assist it in those appointments.

“The immediate priority of the board is to ensure the stability of the management of the business and its assets, and we are delighted with the appointment of Mr Meshcheriakov,” said chairman James Cameron.

“Our next step is to provide a robust and transparent governance structure that will command the trust and support of all stakeholders.

“In my new role as chairman, I am delighted to have the opportunity to begin that process so that we can return the internal and external focus to our strong asset base and operations.”

At 0807 BST, shares in Petropavlovsk were up 3.49% at 32.65p.