ECR Minerals PLC shares plummeted on Friday after the company announced that its chief executive officer intends to step down, as well as two new executive appointments.

The stock was down 15% at 0.24 pence in London on Friday afternoon.

The Australia-focused mineral exploration and development company said CEO Andrew Haythorpe has decided to step down ‘in order to pursue his other interests.’ He was appointed to the role in April last year, and Chair David Tang noted that he ‘[oversaw] the company through a particularly challenging period.’

ECR also, with immediate effect, appointed Nicholas Tulloch to its board as executive director and managing director, and hired Michael Whitlow as its new chief operating officer. The latter is currently a non-board position, but ECR intends to appoint Whitlow to the board ‘in due course’ once requisite checks and approvals are completed.

‘They have already begun to address ECR’s operational and strategic opportunities,’ the company added.

Tulloch founded and is the current CEO of Scottish cannabidiol product supplier Voyager Life PLC, and was finance director, then CEO of CBD company Zoetic International PLC, now Chill Bands Group PLC. Whitlow ‘has overseen and assembled a number of resource projects through his company Axies Ventures Ltd...including a successful drilling campaign earlier this year.’

Tang commented: ‘Nick‘s long-standing experience and knowledge of the City and capital markets will add an important dimension to our company as we develop our assets in Australia. I am also delighted to welcome Mike... [whose] track record and ’hands on’ experience in developing assets in the natural resources space, coupled with his profile among the investment community, brings a unique and well-suited skill set to ECR at an important time.’

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