Ferrum Crescent Limited (LON:FCR) has announced that its executive chairman, Justin Tooth has resigned with immediate effect, in order to pursue his other business interests, with the firm not intending to appoint a new full-time CEO in order to reduce costs.
The AIM-listed lead-zinc exploration firm said Grant Button, currently a non-executive director of the group and its company secretary, residing in Australia, will assume the role of non-executive chairman, also with immediate effect.
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It added that Laurence Read, previously a non-executive director, residing in the United Kingdom, will become an executive director and work alongside the company's geological team and consultants.
The group said Evan Kirby, also a non-executive director of the Company, residing in Australia, will remain in his current role as a highly experienced project development manager.
Ferrum Crescent said: “As part of the new Board's commitment to reduce costs, no changes in salary or remuneration will be made regarding the new Board composition at this time.
“Additionally, the Company does not currently intend to employ a new full-time CEO with associated remuneration package. Instead, FCR will look to maximize its exploration expenditure on the Toral, lead-zinc, project.”
Key phase in exploration and evaluation activities
The firm’s new chairman, Button commented: “FCR has reached a key phase in its exploration and evaluation activities on the Toral lead-zinc asset, and the focus is now to efficiently enhance the value of the project, through meaningful exploration, whilst reducing administrative costs.
“With this in mind I look forward to updating the market shortly with a number of initiatives on the Toral project once our consultants have completed their review work."