(Alliance News) - Petropavlovsk PLC on Friday said operations are continuing as normal under the leadership of its interim chief executive, but the gold miner explained some workers and ex-employees at some of its Russian subsidiaries are not co-operating with the new boss.
Petropavlovsk explained that it has appointed Maxim Meshcheriakov as its interim chief executive officer as part of its bid to ensure "the on-going stability of operations".
"Mr Meshcheriakov carries the board's full confidence and authority in line with his current position as the company's most senior executive officer," the company said.
Operations have continued to function normally with Meshcheriakov at the helm, but Petropavlovsk noted that he's not had the support of workers at some of its units.
"However, notwithstanding Meshcheriakov's due appointment as interim CEO, he has unfortunately encountered a lack of co-operation from some employees and ex-employees in certain of the Russian subsidiaries as he works to implement a robust and transparent controls framework across the group. The board is continuing to work with Meshcheriakov to resolve these issues in the best interests of all stakeholders," the company explained.
Shares in the company closed 9.2% higher at 36.65 pence each in London on Friday.
By Eric Cunha; ericcunha@alliancenews.com
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