Shares in Africa-focused agricultural and timber company Obtala Resources PLC (LON:OBT) shot up 14% to 7.125p as non-executive director Miles Pelham has been elevated to the position of non-executive chairman.
Francesco Scolaro has stepped down as executive chairman after what he called "prolonged consideration and preparation" but will remain on the board as a non-exec.
"Miles is a highly focused, practical and dedicated individual who possesses the skillset and competences needed to enhance the foundations for substantial growth within Obtala Resources and unlock shareholder value," he told investors.
Pelham has helped the group expand with his network of investors and business contacts within Asia and beyond, said Obtala.
Emma Priestley, who became a board member last year, is relinquishing the position due to increasing demands on her time with other board positions, the firm added.