Triple-listed Oceana Gold - with its share price attaining a record high - has lost its second chief executive in 16 months with the surprise resignation of Paul Bibby.
In a brief statement to markets, Oceana's board said it had accepted the resignation of Mr Bibby, who had decided to "step down from the position for personal reasons" but he was otherwise leaving "the group management on a solid footing".
Former chief executive Steve Orr left Oceana in May 2009, and was replaced by Mr Bibby.
Craigs Investment Partners broker Chris Timms said there had been no earlier indication of Mr Bibby's departure and shareholders should have no complaints, with its shares having twice hit a record $4.85 in recent weeks, and yesterday hitting a record $4.94, on light turnover.
Oceana had clawed its way back from a share slump, having leapt from a dismal 22c in December 2008. It had raised more than $119 million in capital to buy back its hedge book, was subsequently selling all gold produced on the buoyant global spot market and had delivered several positive exploration results since late last year.
Mr Timms said Mr Bibby's departure appeared to be "out of the blue", not the result of ongoing problems.
Oceana chairman Jim Askew will assume the role of executive chairman while the search is under way to replace Mr Bibby.
