Medusa Mining (ASX:MML) share price drags lower on leadership change

The Medusa Mining Limited (ASX: MML) share price is down 3.5% this afternoon following a leadership change. Here are the details.

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The Medusa Mining Limited (ASX: MML) share price is dipping in early afternoon trade following a leadership change. At the time of writing, the Australian-based gold producer’s shares are down 3.49% to 83 cents.

Leadership change

The Medusa Mining share price is in negative territory as investors weigh up the company’s latest update.

In today’s release, Medusa Mining advised that interim CEO Andrew Teo will be appointed managing director, effective immediately. This follows after an extensive search by the company to find a replacement for the former resigned CEO.

However, with COVID-19 causing international travel restrictions, management agreed that Mr Teo was best suited to fill the position.

Mr Teo, who has already served 8 months as head of the company from mid-2020, has also held the position of chair since 2013. Medusa Mining noted that Mr Teo has developed a deep understanding of the business and forged strong relationships.

The company said his background comprised more than 40 years’ experience in the accounting, treasury, corporate, legal and business administration fields. Most notably, Mr Teo was an executive of BGC (Australia) for more than 35 years and served as BGC’s chief financial officer/executive director until March 2018.

The company also announced it had appointed Jeffery McGlinn as non-executive chair.

Mr McGlinn will assume the role from today following his assignment as non-executive director last month.

With a wealth of international experience, Mr McGlinn was a founder of ASX-listed mining services company NRW Holdings Ltd (ASX: NWH). He was heavily engaged across the business, supporting its growth.

As Medusa Mining outgoing chair, Mr Teo said Mr McGlinn would be “an excellent contributor” in the role of chair.

About the Medusa Mining share price

The Medusa Mining share price has jumped more than 100% over the past 12 months and is up 7% year-to-date. The company’s shares reached a multi-year high of $1.065 last August before trending lower.

Based on the current share price, Medusa Mining has a market capitalisation of around $172.5 million.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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