Pan African Resources directorate change

 

 

 

 

A small South African based precious mining group that produces gold and platinum from high grade ore bodies at a low cash cost.  I have a holding in my growth portfolio (epic code: PAF).

PAF this morning informed the market that it had appointed Ron Holding, currently their Interim Joint CEO, as a director & CEO.  Also Busi Sitole has resigned as the Financial Director of Pan African with effect from 30 September 2013,  apparently due to a new addition to her family, to be replaced by Cobus Loots, who had been FD of PAF previous to Busi Sitole's appointment.

Both appointees have considerable experience of PAF's operations, Loots in his previous role of FD, resigning in December 2011 to become a non-exec of the company and, Holding as COO from 2009.

The CEO position became vacant following Jan Nelson's sudden resignation at the end of February.  

With Nelson's sudden resignation and Loots return to an executive role, one wonders whether there were management disagreements that caused those moves.