Pan African Resources Share News (PAF)

Pan African Resources has announced the appointment of Ron Holding as Chief Executive Officer (CEO) and departure of Financial Director Busi Sitole. Holding, who was appointed interim CEO in March this year following the departure of Jan Nelson, will take over the role permanently with immediate effect. He has been involved in Pan African's operations since 2009 as Chief Operating Officer before taking over as CEO. He started his mining career in 1973 with Gencor and has since held a number of senior positions in the industry.Sitole will step down as Financial Director on September 30th to focus on personal commitments. Cobus Loots will succeed Sitole as Financial Director from October 1st. Loots, a Pan African Director since 2009, is currently the Managing Director of Shanduka Resources.Chairman Keith Spencer said: "Ron's in-depth knowledge of Pan African Resources and its operations makes him the ideal fit. His experience positions him to effectively further the company's strategy of being a low cost, high margin, precious metals producer, particularly in light of our organic growth plans at Evander and Barberton Mines. "Cobus has been a board member for many years and the contribution of his expertise as Financial Director will be highly beneficial to Pan African. On behalf of the board, I would like to thank Busi for her contribution to the company and we wish her the best in her future endeavours and the new addition to her family."RD