Tertiary Minerals PLC (AIM:TYM, OTC:TTIRF) has announced that Patrick Cheetham will transition to non-executive chairman, with effect from 1 January.
Cheetham, the company's founder and chair, who has led it for over 26 years, is stepping back from his having an executive role. It follows the appointment of Dr Richard Belcher as managing director in March.
The company said the move is part of an ongoing management refresh and strategic development process.
"Patrick founded the company back in 1999 and has led the company since then... We are thankful to Patrick for his role in founding the company and leading it for many years," said Belcher. "We are pleased that he will continue to contribute to the company as non-executive chairman as the company continues to advance its portfolio of exciting projects."
Cheetham, meanwhile, commented: "it is an opportune time for me to make this change.
"I am confident that the company is in good hands with a strong portfolio of mineral projects and a clear strategy for growth. It has been a privilege to serve the company in an executive capacity and I look forward to continuing to chair the board going forward."