Dec. 20 (Bloomberg) -- Pavel Maslovskiy, a co-founder of gold mining company Petropavlovsk Plc, will resign as chief executive officer and relinquish his board seat to become a senator in Russia’s upper house of parliament.
Sergey Ermolenko, 58 and one of the five members of the founding management team, will take over as CEO of the Russian gold producer, Petropavlovsk said today in a statement. Maslovskiy was nominated to serve as a Federation Council senator after being elected on Dec. 4 to parliament in the Amur Region, where the company’s mining operations are based.
“I will, of course, miss the day-to-day management of its operations,” Maslovskiy said in the statement. “It is my intention to retain a substantial interest in the company through the discretionary trusts of which I am a potential beneficiary and which will continue to own Petropavlovsk shares.”
Maslovskiy will also resign as a non-executive director of IRC Ltd., a Hong-Kong traded iron-ore production unit of Petropavlovsk.
Maslovskiy will be made honorary president at Petropavlovsk and an emeritus director at IRC, with the right to advise the board but no vote, Petropavlovsk and IRC said today in separate statements.
Ermolenko, a Petropavlovsk shareholder, has been a senior manager at the company since its inception in 1994, according to the statement. Deputy CEO Martin Smith, 56, will aid Ermolenko, who has limited English, in communicating with investors, the company said. Ermolenko started working as an underground miner and shift boss in the Amur region in 1974.
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