Petropavlovsk unveils new CFO

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.

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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.

BC