Paragon Diamonds announces new Executive Chairman

Paragon Diamonds announced Wednesday the appointment of Executive Chairman Martin Doyle.

The AIM-listed Africa-focused diamond exploration and development company said Doyle would replace former Executive Chairman Francesco Scolaro with immediate effect.

The company declined to comment on why Scolaro had stepped down from the board of directors but he still holds a stake in the organisation.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

"Francesco Scolaro is fully supportive of this appointment and remains supportive of the company and the directors in his capacity as a direct shareholder of the company and his indirect interest through Obtala Resources," the firm said.

Doyle brings 30 years experience in the diamond industry with De Beers. He has worked in exploration, resource development, laboratory management and marine mining in nine countries.

He joined the board of Paragon as Vice Chairman in September.

Paragon Finance Director, Simon Retter, said: "I am pleased to welcome Martin into his new role as chairman of the board and believe that he will add considerable strength to the operations of the Company. He brings a wealth of technical and operational expertise which will provide great benefit to the company as we progress towards the next step of developing our portfolio of assets. I would like to thank Francesco Scolaro for his invaluable contribution to the company and his continued support."

RD