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Centamin appoints CFO as interim CEO

Toronto and London-listed gold producer Centamin has appointed existing CFO Ross Jerrard as interim CEO and laid out a succession plan to replace chairman Josef El-Raghy as the company seeks to address concerns surrounding leadership and fend off a takeover bid from Canada’s Endeavour Mining.
Centamin appoints CFO as interim CEO Centamin appoints CFO as interim CEO Centamin appoints CFO as interim CEO Centamin appoints CFO as interim CEO Centamin appoints CFO as interim CEO

Centamin's Sukari gold mine in Egypt's Eastern Desert

Staff reporter

Centamin announced early October that Andrew Pardey, having led the company through a mixed four years, was stepping down as CEO. Pardey will now step down from the board with immediate effect, with Jerrard taking up the CEO role - in addition to his responsibilities as CFO - until the company finds a more permanent solution.

"It is a pleasure to appoint Ross as the interim CEO, giving the company clear leadership during this period of transition," chairman El-Raghy said in a statement.

Centamin said the search for a new CEO "progresses well" and that a shortlist of candidates had been presented to the board, "with the next stage of interviewing underway".

In addition to Jerrard's appointment, Centamin also unveiled its plan to replace El-Raghy as chairman. Jim Rutherford, an investment banker and non-exec director at Anglo American, will join Centamin in January as deputy non-exec chairman, and will take up El-Raghy's role as chairman by the end of 2020.

Rutherford initially succeeds Edward Haslam, who is standing down after nine years on Centamin's board.

Analysts at Royal Bank of Canada said the appointment of Rutherford should be "welcomed" and that Jerrard would provide "better stability and continuity".

Centamin has refused to entertain discussions around Endeavour's proposed US$1.47 merger, saying the Canadian firm has failed to follow proper procedure and that the proposed offer "materially undervalues" the company.