The game of musical chairs at the helm of ASX and LSE listed gold miner Resolute continues with the abrupt resignation of Stuart Gale as MD and CEO to be replaced by current COO Terry Holohan.
Gale was only appointed permanent CEO less than a year ago in May 2021 after becoming interim CEO in October 2020 after the surprise departure of then CEO John Welborn who had held the post for five years. Holohan was appointed COO at the same time in May 2021.
On the London Stock Exchange Resolute shares have slid over the past year from a high of 36.18p in May 2021 to a low of 13.2p in March this year from where they have recovered to current levels around 22.4p.
Resolute chairman Martin Botha launched a global search for a new CEO after Welborn’s departure but then appointed Gale to the job full time because “Stuart has provided excellent leadership as an interim CEO and had “clearly proven himself as the leading candidate for the role.”
Botha said today that Gale is leaving “to pursue an opportunity in the Australia-focussed resources sector. While Mr Gale ceases to be a director of the company, in accordance with Resolute’s constitution, he will continue to work during his contractual notice period to the extent required by the Board to ensure a smooth transition.”
Botha added, “strengthening our senior leadership team has been a strategic focus at Resolute and this attention to succession planning will allow us to manage the current transition with minimal disruption to the business. We are fortunate to have some of Terry’s calibre and extensive experience already in the company to assume the CEO role.”
Holohan has more than 40 years experience in the mining business of which 30 have been spent working in Africa where his positions held included business manager for Anglo Platinum Smelting and Refining and senior vice-president of Ivanhoe Nickel and Platinum.
Resolute owns two producing gold mines which are Syama in Malai and Mako in Senegal which together produced 319,271oz of gold during 2021.