Aquarius Platinum waves goodbye to CEO

Stuart Murray, the long-running Chief Executive Officer (CEO) of Aquarius Platinum (AQP), resigned from the board on Friday, the company has announced.

Murray, who is also the Chairman of principal subsidiary Aquarius Platinum South Africa (AQPSA), has terminated his directorships in all other group companies with immediate effects.

He began his career with Impala Platinum Holdings back in 1984 and joined Aquarius as CEO in May 2001.

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Aquarius said in a statement: "His employment with both AQP and AQPSA will continue until March 31st 2013 during which period he will provide whatever assistance is required to affect an orderly handover. The board will consider a replacement in due course."

AQP has seen its share price tumble over the last year on the back of mining suspensions and strikes in South Africa. Shares, which were trading around the 140p level in May, closed Friday at 47.5p.

The company announced in August that revenues for the year to June 30th 2012, were down 29% year-on-year as it slid to a pre-tax loss of $189m versus a profit of $25.4m the year before.

Commercial Director Jean Noel, who joined the group in July of last year, has been appointed Chief Operating Officer. Meanwhile, Non-Executive Director Zwelakhe Mankazana has been appointed the interim Non-Executive Chairman of AQPSA.

"On behalf of the board, Chairman Mr. Nicholas Sibley thanks Stuart for his valuable contribution to Aquarius during his tenure as group CEO and wishes him every success in his future endeavours."