The chairman of ENRC (LON:ENRC) has quit, throwing the already troubled Kazakh miner into fresh disarray.
Former investment banker Mehmet Dalman has been replaced by Gerhard Ammann, a non-executive director of the company and former head of auditing firm Deloitte.
Dalman was hired 14 months ago to sort out the mess at ENRC amid a stand-off between directors and its co-founding shareholders.
He had been leading a probe into allegations of corruption and warned executives he would quit over a spat about transparency.
His departure adds to the long list of ENRC executives to have called it a day in April, including its group financial controller and chief commercial officer.
“I have a clear mandate from the board,” said new chairman Gerhard Ammann. “My role is to work efficiently with internal and external stakeholders to draw a line under the past, allowing the true potential of the group's excellent asset base to be realised and contribute to a more appropriate valuation.”
ENRC is controlled by its three co-founders, who own over 14% each, plus copper producer Kazakhmys, with a 26% stake, and the government of Kazakhstan.
It was revealed on Friday that its co-founders were, along with the Kazakh government, sizing up a takeover bid for the company. Shares in ENRC and Kazakhmys soared on the news.
Shares in ENRC rose 4% to 293p today.