Paladin Energy Limited which runs the Kayerekera Uranium Project in Malawi has announced the stepping down of its Board and Managing Director and CEO John Borshoff from his role with the company.
The Company’s non-executive chairman Rick Crabb says in a statement that Paladin board acknowledges Borshoff’s “unquestioned dedication and significant contribution to Paladin, a company hefounded more than 21 years ago.”
He says under Borshoff’s stewardship, Paladin has built a unique position in the uranium mining industry and he is recognised as a world authority in this realm.
“On behalf of the Board, I cannot thank John enough for having the vision, tenacity and spirit to create and lead Paladin. John will be dearly missed by the Paladin team and we wish him the best in future endeavours,” says Crabb.
A process to identify a suitable new CEO is now underway however the company has appointed Alexander Molyneux as an interim CEO.
According to the statement, Borshoff will assist in a transitional role during the six month notice period provided for in his employment contract.
“Mr Borshoff has assured the Board of his intention to assist to the fullest extent required during this transitional period. The details of Mr Borshoff’s entitlements under his executive services agreement in connection with the cessation of his employment are contained in Paladin’s 2014 annual report,” reads the statement.
Meanwhile the company requested that the halt in trading of its shares be lifted.