Russian gold producer Petropavlovsk has announced that Finance Director Andrey Maruta has been promoted to replace Chief Financial Officer Brian Egan, whose resignation came into effect from Friday.
Egan, as announced on March 28th in the company's annual results, decided to step down from his role and position on the board after having decided to return to his native Ireland.
"Brian has done an excellent job both at Aricom and with Petropavlovsk and we will miss his input," the company said in a statement last month.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Petropavlovsk's share price has tumbled over 20% in the last month despite the group revealing that revenue more than doubled in 2011 and output in the first quarter of 2012 increased by 60% year-on-year.
UBS downgraded its rating on the stock from buy to neutral on March 29th after cutting its 2012 gold forecasts substantially due to a stronger expected dollar and higher cash cost guidance.
Trading terms: The Santa Rally
Glossary Will the Santa Rally result in its traditional December effect on global markets?
By Dr Matthew Partridge Published
Lock in high yields on savings, before they disappear
As interest rates peak, time to lock in high yields on your savings, while they are still available.
By Ruth Jackson-Kirby Published