Russian explorer's boss steps down to become senator
Wednesday 21 December 2011
The head of Petropavlovsk, the London-listed Russian gold miner formerly known as Peter Hambro Mining, is swapping his chief executive's jacket for a senator's robes.
Pavel Maslovskiy, a co-founder of the company, said he will resign as chief executive and relinquish his board seat after being elected a senator in Russia's far east region of Amur, where the company's key operations are based.
Mr Maslovskiy, who also becomes a member of the Federation Council, Russia's upper house of parliament, is resigning to comply with laws forbidding him from staying on.
However, he will not completely sever ties with the company, which is still chaired by Peter Hambro, another co-founder. He intends to retain an interest through discretionary trusts, and will continue to own shares.
He will also become honorary president, giving him the right to advise the board but not to vote.
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