Scotgold Resources Ltd said Nathaniel Le Roux is stepping down from his position as non-executive chairman and that Peter Hetherington will take over the role with immediate effect.
Le Roux will remain on the board as non-executive director and major shareholder, the gold miner said in a statement.
Hetherington is already a non-executive director of Scotgold. He has previously held the positions of chief operating officer and chief executive officer of FTSE 250 trading platform IG Group, and the role of CEO at Schroders Personal Wealth.
Le Roux said: "Seven years ago, I recapitalised Scotgold and joined the board as chair. My aim from the beginning was to see Scotland's first commercial gold mine in production. That objective has now been achieved, thanks to the dedication and hard work of our executive team.
“Therefore, I believe this is the right moment for me to stand down as chair. Peter Hetherington and I have worked together for many years, and as Scotgold's major shareholder, I am wholly confident that he will prove an effective successor."
Hetherington added: "The next phase for Scotgold is the continued professionalisation and commitment to sustainability of every aspect of the company's operations.
“There is still much to be done but the task, now that we are repeatedly cash flow positive on a monthly basis, is much simpler than it was when Nat became chair.
“Our priorities remain: the safe, environmentally friendly, and profitable operation of the Cononish gold mine and process plant near Tyndrum, whilst we prospect and develop further mines within our extensive licenced area."
READ: Scotgold begins to hit its stride at Cononish, with 24% production boost
Scotgold said the mill reline at Cononish has been completed and the group is well positioned to continue ramping up gold production at the mine to the planned 973oz per month until the end of 2021.
It said production revenues have exceeded operational costs for the third consecutive month.
The company expects production for the remainder of the calendar year to be within the guidance range of between 1,300oz and 1,950oz of gold production for November and December combined.
Shares fell 4.26% to 67.50p at midday.