TORONTO, ONTARIO--(Marketwire - March 6, 2013) - Banro Corporation ("Banro" or the "Company") (TSX:BAA)(NYSE Amex:BAA)(NYSE MKT:BAA) announces that Mr. Simon Village has stepped down from his roles as President and Chief Executive Officer of the Company effective immediately. The Company thanks Mr. Village for his years of service and wishes him well in his future endeavours. The board has appointed Dr. John Clarke to the role of Interim President and CEO and will conduct a search for a new President and CEO under the direction of the Company's chairman, Bernard van Rooyen.
Dr. John Clarke
Dr. Clarke has served on Banro's board of directors since 2004 and is a member of the board's Technical Committee. During his long career involved in African mining, he has held a number of executive positions including Executive Director of Ashanti Goldfields and most recently served as the CEO of Nevsun Resources Limited, which successfully brought the Bisha Mine into production in Eritrea. While at Ashanti, Dr. Clarke was responsible for strategic planning and business development and contributed to establishing Ashanti's gold exploration program throughout sub-Saharan Africa. Dr. Clarke is a non-executive director of PMI Gold Corporation, Mediterranean Resources Ltd. and Great Quest Metals Ltd. Dr. Clarke holds a Ph.D. in metallurgy from Cambridge University and M.B.A. from the University of Middlesex.
Banro Corporation is a Canadian gold mining company focused on production from the Twangiza oxide mine and development of three additional major, wholly-owned gold projects, each with mining licenses, along the 210 kilometre long Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the Democratic Republic of the Congo.
Hope interim stays on. He seems more than qualified. just bought new positions on weakness. Miners have been under the attack in general and I am thinking that BAA is a better deal at present than AUY in the 13 range. the dollar is weakening... recently sold the entirety of my positions outside this sector
Hockeyguy, the question I have is why did the CEO leave just before a company update? Something is a miss here, cost overruns of 15% production delayed until Q3? What next? Anyone know if he was forced out?
I wonder if there was a clash between Village and the BoD. Last October, Pandit quit suddenly at Citi over a conflict with the BoD. This Clarke has a lot of experience and his pr sounds like he is making a point about keeping an aggressive schedule.