Engelbrecht to resign from CEO role at Archipelago Resources; successor named

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.

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.

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

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
Prepare for the end of the epic bubble in US stocks
US stockmarkets

Prepare for the end of the epic bubble in US stocks

US stocks are as expensive as they’ve ever been. How can you prepare your portfolio for a bubble bursting?
18 Jan 2021
The best investment trusts to buy for 2021
Investment trusts

The best investment trusts to buy for 2021

Sectors ranging from emerging markets to student accommodation look poised to do well this year, says David Stevenson, as he picks the best investment…
19 Jan 2021