Paragon Diamonds (LON:PRG) has promoted current vice chairman Martin Doyle to executive chairman, replacing Francesco Scolaro in the role.
The company, which has a number of hard rocks assets in sub-Saharan Africa, said Doyle accepted the proposal of the board and Scolaro to oversee the running of the company.
Doyle has carried out a review of Paragon’s operations since joining in September, before which he worked for De Beers as senior vice president of Canadian exploration.
“I am pleased to welcome Martin into his new role as chairman of the board and believe that he will add considerable strength to the operations of the company,” said finance director Simon Retter.
“He brings a wealth of technical and operational expertise which will provide great benefit to the company as we progress towards the next step of developing our portfolio of assets.”
Retter also thanked Scolaro for his “invaluable contribution” to the company and for his continued support.
The outgoing chairman will no longer serve on the board but will remain a direct shareholder of the company, as well as indirectly as Obtala Resources (LON:OBT) chairman, Paragon’s largest shareholder with a 46.5% stake.
The shares lost 2.9% to 18p this morning.