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Proactive Investors - Power Metal has announced that founder and chief executive Paul Johnson is stepping down with immediate effect with a management reshuffle to follow his departure.
In a statement, Power Metal said Johnson is leaving to focus on critical family health matters but will continue to work for the company in the background as it pursues its spin-off and disposal strategy.
Sean Wade has been appointed as Johnson’s successor, having held roles at Berkeley Energia, Pensana and Asia Resource Minerals.
He was also a founder of London stockbroker Liberum having started his career at Cazenove.
In addition to the appointment of Wade, Scott Richardson-Brown has become the junior’s permanent non-executive chair having been in the post in an interim capacity since 2021.
Wade said the aim now is to accelerate the spin-out IPOs of Golden Metal Resources (83% owned), First Development (58.6%), New Ballarat Gold (49.9%) and complete the sale of two uranium properties in Canada.
For itself, the focus will be developing its nickel and gold systems in Botswana and the remaining uranium assets in Saskatchewan.
Johnson commented: “As the largest shareholder and taking an objective view, this managerial transition is the right step now for Power Metal to reach its fullest potential.
Wade added: “ The exciting challenge of unlocking this inherent value will be addressed in part by the completion of the disposal transactions and focusing our business operations on advancing the key exploration interests in Africa, potentially with strategic partners.”
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