Metals Exploration plc’s independent non-executive chairman and non-executive director Nick von Schirnding has stepped down, effective 21 March.
The company said that Mr Schirnding’s decision follows Metals’ purchase of Runruno Holdings Ltd shareholding and settlement of debt disputes with lenders.
Newly appointed non-executive chairman Steven Smith said: “It has been a pleasure to work with Nick von Schirnding and I would like to thank him for his contribution over the past year especially for his efforts in helping the company complete a significant restructuring of the company’s ownership.
“I wish him success in his future endeavours.”
Mr Smith is a director of Luxembourg-based venture capitalist Candy Ventures S.À.R.L, funded by Metals’ major shareholder Nick Candy.
He qualified as a chartered accountant at BDO and as a chartered tax adviser at KPMG.
Mr Smith lectured in Taxation at FTC for four years before holding number of senior financial positions at large public and private groups, including chief financial officer of a FTSE 250 company.
He currently holds “a range of non-executive roles” at companies including Audioboom Group plc.
Additionally Jim Mellon, previous non-executive chairman of Condor Gold plc which was acquired by Metals, no longer wishes to become a NED on the Metals’ board as intended under the offer.
Metals said that Mr Mellon’s other commitments left him insufficient time to attend meetings in both the Philippines and Nicaragua where the company’s interests are located.