African Consolidated Resources (LON:AFCR) has said Craig Hutton is taking over as chief executive from Andrew Cranswick, who is stepping down immediately to pursue other business interests.
Hutton has 25 years' experience in the mining sector having worked for Anglo American (LON:AAL), Placer Dome and Harmony Gold (NYSE:HMY).
He worked as a consultant for ACR last year and was “instrumental” in the declaration of the major resource upgrade to 3.2mln-ounce Pickstone-Peerless Gold Project in Zimbabwe, the company said.
Chairman Roy Tucker added: "I would like to take this opportunity to thank Andrew for his enormous input into the development of ACR since its inception and listing in 2006.
“He has been hugely influential in the growth of ACR's portfolio, and the identification of highly valuable assets such as the Pickstone-Peerless Gold Project, the Gadzema Gold Project and the Kasempa Copper Project.
“On behalf of the board, I would like to wish Andrew well in his future endeavours, and look forward to continuing a close relationship as we move ACR into its next phase of growth.”
Hutton has been granted 6mln options with an exercise price of 5 pence valid until the end of 2015. The current share price is 3.25pence.
Non-executive director Julian Emery has also resigned from the board.