AIM-listed mining company Archipelago Resources has reported that Marcus Engelbrecht will resign as Managing Director and Chief Executive Officer of the company to pursue other opportunities as of May 30th.
The company said that Colin Sutherland had been chosen to assume the position of Chief Executive Officer after Engelbrecht's departure.
Sutherland is currently Chief Financial Officer at Archipelago Resources and will also retain those responsibilities for an interim period, the company said. He joined the company in March 2012 and has previously acted in the position of Chief Executive Officer at Nayarit Gold and President at Capital Gold Corp.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely 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
Stephen Sulistyo, Chairman of Archipelago Resources, said: "On behalf of the board, I thank Marcus for his significant contribution to Archipelago. Marcus has driven our Toka Tindung Mine forward from development to production and his leadership has positioned the company to continue our strategy of growth and returns to shareholders.
"I wish him well for his future career. I also look forward to building on Archipelago's achievements with Colin as our new Chief Executive Officer."
Engelbrecht commented: "The success I have enjoyed at Archipelago is due to the support provided to me by the employees, executive team, board and shareholders. I wish them and the company the best for the future."
The company also announced that Matthew Salthouse, currently Vice President of Investor Relations and Corporate Affairs, would assume broader executive responsibilities as President of Corporate Strategy.
Archipelago Resources' share price was down 0.48% to 51.50p at 13:05 on Tuesday.
MF
-
Cash in on the growth prospects of Europe's companiesOpinion Marcel Stötzel, co-portfolio manager of the Fidelity European Trust, selects three stocks
-
Is the AI boom another dotcom bubble?25 years on from the dotcom bubble bursting, is it time for investors to consider the sustainability of the AI boom in the stock market?
