Petropavlovsk PLC announced the appointments of Ms Fiona Paulus and Mr Tim McCutcheon as Independent Non-Executive Directors with immediate effect. It also announces that Sir Roderic Lyne will retire from the Board following the Company's Annual General Meeting on 30 June 2020 and will be succeeded by Ms Paulus as Chairman.
Sir Roderic has served on the Company's Boards for twelve of the last fourteen years and informed the Board last autumn of his intention to retire if a suitable successor could be found. Mr Harry Kenyon-Slaney, Senior Independent Director, led an extensive selection process, assisted by a leading firm of recruitment consultants, to identify the person best qualified to lead the Board through the next phase of the Company's development. On behalf of the Company and its shareholders and stakeholders, the Board is delighted that Ms Paulus has accepted the appointment.
Ms Paulus has over 37 years' global investment banking experience, having held senior management roles with a number of leading international investment banks based in London, Europe and North America. Over the past 15 years she has specialised in the energy and resources sectors where she has advised companies on many capital market transactions, including corporate financing, strategic and risk management initiatives. In December 2018 she was appointed as an independent board member of RHI-Magnesita, a global industrial company listed on the FTSE 250, where she serves on the Audit and Sustainability Committees.
Ms Paulus will also replace Sir Roderic Lyne as the Chair of the Nominations committee from 30 June 2020.
In addition, the Company is pleased to announce that Mr Tim McCutcheon will be appointed as an Independent Non-Executive Director of the Company with immediate effect.
Mr McCutcheon is a mining and finance professional with over 20 years of international business experience. He is currently President of Wealth Minerals Ltd, a lithium asset development company focused on assets in Chile, with its primary listing on the TSX Venture Exchange, Canada.
Mr McCutcheon has led several mining development companies with assets in Russia, Slovakia and Ghana. Additionally, he has served as an adviser to a wide range of natural resource companies, playing key roles in administration and capital market strategy.
Prior to moving to the mining sector, Mr McCutcheon previously worked with several capital markets groups, including Bear Stearns, Aton Capital and Pioneer Investments, as an award-winning metals and mining sector analyst and as an investment banker. He was also a founder/partner of DBM Capital Partners Ltd, a leading boutique metals finance institution which managed the mining fund Sayan Investments Ltd and advised multiple base and precious metals mining companies active in Europe and Asia. Mr McCutcheon has a BA and MBA from Columbia University, New York, USA.
Commenting on these appointments, Sir Roderic Lyne, Chairman, said: "Thanks to the exceptional leadership of Pavel Maslovskiy and the skills and commitment of the Company's management and workforce, Petropavlovsk has made huge strides over the past two years and has built a platform for growth and profitability. It has been a privilege to chair the Board during this period. Fiona Paulus's expertise in corporate finance, including transactions in Russia, and Tim McCutcheon's first-hand knowledge of the natural resources sector in Russia will add to the diversity of experience represented on a highly qualified Board. Fiona will bring energy, intelligence and a proven track record to the implementation of the Board's strategy for growth and continuous improvement over the years ahead and will make a very fine Chairman."
Dr Pavel Maslovskiy, Chief Executive Officer, commented:"Firstly, on behalf of the Board and our Company, I would like to sincerely thank Sir Roderic for the significant contribution he has made to Petropavlovsk. His role as Non-Executive Chairman of Petropavlovsk over the past two years in particular has been instrumental to the success of the Company during this period, having overseen the transformational ramp up of our pressure oxidation technology as well as the ongoing improvement in ESG and the considerable strengthening of the Board. Sir Roderic will always be remembered by me personally as a vital source of independent advice and counsel. He has shared the responsibility of our ongoing strategy of rebuilding the Company's rating, a process which is only just beginning to shine through for all of our stakeholders.
I am delighted to welcome Fiona to the Board as an Independent Non-Executive Director and future Chairman and Mr Tim McCutcheon as an Independent Director. Both appointments add further to the independence of the Board as well as diversity of skillsets. I and the Board look forward to both Directors working with Petropavlovsk as we enter our next exciting phase of growth."
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