|
|
Gemfields Names Post-Takeover CEO
Aug 7, 2017 3:14 AM
By Rapaport News
|
|
|
RAPAPORT... Gemfields’ new owner, Pallinghurst Resources, has appointed
Sean Gilbertson as CEO of the colored-gemstone producer following the resignation
of the miner’s senior executives.
Gilbertson (pictured), an executive director of Pallinghurst, is a
longstanding member of Gemfields’ board and was closely involved in the acquisition
and redevelopment of the gemstone company’s Kagem emerald mine in Zambia,
Pallinghurst said Friday.
Former Gemfields CEO Ian Harebottle and chief financial
officer Janet Boyce resigned following the takeover, as did the company’s
non-executive directors, Pallinghurst said. The acquisition by the private-equity
group resulted in Gemfields getting delisted on July 28 and becoming a
subsidiary of Pallinghurst, which expects to own the miner outright by the end
of this month.
Pallinghurst chairman Brian Gilbertson has taken on the
Gemfields chairmanship, and David Lovett, a longstanding member of Gemfields’
finance team, has been appointed CFO. Adrian Banks, Gemfields’ product director
in charge of grading, sorting and auctioning emeralds and rubies, has joined
the company’s board. CV Suresh, who ran the Kagem mine from 2007 to 2015, has
also become a board member, taking on responsibility for Gemfields’ Zambian
assets.
Meanwhile, geologist Kartikeya Parikshya has joined the
miner’s board and will be responsible for its Ethiopian and Mozambican operations,
including the Montepuez ruby mine in the latter country.
Pallinghurst will carry out a thorough review of Gemfields’
operations. It said the miner’s debt was at “record levels,” largely due to a
drop in emerald production from Kagem and a resulting decline in auction
revenues from the mine. The new owner intends to report the findings to the
board by mid-September, and will talk to shareholders shortly afterward.
“The new board, dominated by Gemfields veterans covering all
the key disciplines, reflects our desire to focus on enhancing the operations,
processes and core activities of the Gemfields group,” said Sean Gilbertson. |
|
|
|
|
|
|
|
|
|
Tags:
Adrian Banks, Brian Gilbertson, CV Suresh, David Lovett, Gemfields, gemstone, Ian Harebottle, Janet Boyce, Kagem, Kartikeya Parikshya, Montepuez, Mozambique, Pallinghurst, Pallinghurst Resources, Rapaport News, Sean Gilbertson, zambia
|
|
|
|
|
|
|
|
|
|
|
|
|