LONDON (Alliance News) - Natural resources sector investor Metal Tiger PLC on Monday said it has re-jigged its board, changing its chief executive and chairman in the process, following a failed takeover attempt.
Alex Borrelli will step down as CEO with immediate effect and will be replaced by Michael McNeilly. Borrelli is chairman of BMR Group PLC, the Zambia-focused miner which recently made an unsuccessful bid to buy Metal Tiger.
Borrelli only took up the CEO role in October. Paul Johnson, who he replaced, is rejoining the board as a non-executive director, Metal Tiger said.
Also leaving the company altogether will be Jordan Luckett, Metal Tiger's technical director.
In addition to Borrelli's departure, Terry Grammer will step down as non-executive chairman but will remain with the company as a non-executive director. He will be replaced as chairman by Charles Hall.
Metal Tiger also announced the appointment of Keith Springall as its finance director.
"It has been a pleasure to work with Alex Borrelli and Jordan Luckett, both highly experienced and exceptionally talented individuals," said incoming CEO McNeilly.
"I wish Alex the utmost success in his other business ventures and in particular BMR Group where he has done a great job in turning around the company," he added.
Shares in Metal Tiger were down 0.2% at 2.17 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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