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2023-12-11 9:57 AM

CFO Exit and Strategic Return – Maruta Takes the Financial Helm Again Amidst Market Buzz

  • CFO Changes: Amanda Farris resigns as acting CFO of Kore Potash; Andrey Maruta appointed as the new CFO.
  • Maruta's Background: Maruta, a seasoned accountant, brings 25 years of mining industry experience, including a previous stint as Kore Potash's CFO.
  • Smooth Transition: Farris to assist in the transition; Maruta, holding 133,334 shares, will report directly to the CEO.
By Lethabo Ntsoane

Kore Potash has undergone significant management changes. The company, listed on the ASX (KP2), AIM (KP2), and JSE (KP2), announced the resignation of the acting Chief Financial Officer (CFO), Amanda Farris, and the appointment of Andrey Maruta as the new CFO (non-board).

Amanda Farris Steps Down

In a statement released today, Kore Potash confirmed the resignation of Amanda Farris, who had been serving as the acting CFO. Ms. Farris played a crucial role in the financial leadership of the company, and the board expressed gratitude for her invaluable contributions.

Andrey Maruta Returns as CFO

Taking the reins as the new CFO (non-board) is Andrey Maruta, a Chartered Certified Accountant with an impressive 25-year track record in the mining industry. Notably, Mr. Maruta had previously served as CFO of Kore Potash from August 2019 to June 2021, bringing with him a wealth of experience.

Professional Background of Andrey Maruta

Andrey Maruta’s extensive experience includes a notable tenure as CFO at Petropavlovsk Plc, a company with a premium listing on the London Stock Exchange (LSE). Prior to that, he contributed to the audit function at Moore Stephens International in both the UK and internationally.

Reporting Structure and Shareholding

In his new role, Andrey Maruta will report directly to the CEO and will not join the Company’s board at this stage. As of the announcement, Mr. Maruta holds 133,334 ordinary shares of US$0.001 each in Kore Potash.

Table 1: Andrey Maruta’s Shareholding

NameShareholding
Andrey Maruta133,334 ordinary shares

Smooth Transition Period

To ensure a seamless transition, Amanda Farris will remain available for a brief period. This transition period aims to facilitate the transfer of responsibilities and knowledge from the outgoing CFO to Andrey Maruta.

Market Abuse Regulation Disclosure

The company emphasizes that the information disclosed in this announcement falls under the Market Abuse Regulations (MAR). This disclosure is considered inside information as stipulated by the EU regulations, now incorporated into UK law.

Conclusion

The Board of Kore Potash expressed their delight in welcoming back Andrey Maruta as the CFO, recognizing his previous contributions to the company. These management changes mark a significant chapter in Kore Potash’s financial leadership, with a seasoned professional at the helm.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo