Why the Chesser (ASX:CHZ) share price is climbing higher today

The Chesser Resources Limited (ASX: CHZ) share price is up 4.1% higher today following a change in management. Here's the rundown.

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The Chesser Resources Limited (ASX: CHZ) share price is climbing higher today following a change in management.

In late-morning trade, the gold exploration company's share price has risen 4.1% to 25 cents.

What did Chesser announce?

In today's release, Chesser advised that it has appointed Andrew Grove as its new CEO. The change in the management comes as the company moves from its exploration activities to project development, in eastern Senegal.

Mr Grove's technical, commercial and financial experience in the resources sector spans 30 years. This includes a 14-year tenure at Macquarie Group Ltd (ASX: MQG) mining finance and risk management groups.

Chesser said Mr Grove had a wealth of knowledge in operations across all phases of resources projects. Namely, the Sunrise Gold Dam project in Western Australia and his African gold mining experience at Perseus Mining Limited (ASX: PRU) as group general manager business development and investor relations.

The outgoing managing director, Michael Brown, will continue in an advisory role for the remaining time. Mr Brown's duties will involve ensuring a smooth transition process for Mr Grove as head of the company.

Mr Grove's position as Chesser CEO will come into effect on 1 February, 2021.

What did management say?

Commenting on the appointment, Chesser chair Mark Connelly said:

Having confirmed a significant gold discovery at the Diamba Sud project, the board of Chesser is transitioning the group's focus from exploration to resource definition and project development.

Andrew's unique blend of technical expertise, substantial project financing and capital markets experience, and exposure to African gold mining projects, makes him well suited to leading Chesser through the critical next phases of its development. Andrew will be based in Perth, Australia and will work closely with myself and the Australian-based directors.

How has the Chesser share price performed?

The Chesser share price has moved strongly over the past 12 months, gaining more than 226% for investors. The company's shares hit a 52-week low of 4.5 cents last March, and reached a multi-year high of 32.5 cents in October.

Based on current share price levels, the company commands a market capitalisation of around $110 million.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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