Petra Diamonds’ board has decided that its chairperson Adonis Pouroulis should remain in his position for now.
Following a November meeting with shareholders, during which 22.12% of shareholders voted against his re-election as chairperson, the board and nomination committee considered the concerns raised by shareholders.
However, Petra on Wednesday said it does not consider the appointment of a new chairperson appropriate at this time, given the need to ensure the continuity and stability of the company’s leadership and management.
Petra’s board pointed out that the company had appointed Richard Duffy as the new CEO with effect from April 1, as well as two new independent nonexecutive directors, Bernard Pryor and Varda Shine, effective January 1.
The nomination committee also expects to make further changes to the composition of the board during this calendar year.
The board also reaffirmed its assessment that Pouroulis continues to demonstrate the independence of thought to meet the challenges of this role, notwithstanding the number of years he has served as a director.