Chairman Greg Martin emphasized that these board changes mark a natural transition as Sierra Rutile becomes a majority locally-owned business, highlighting the milestone of transforming into a predominantly Sierra Leonean-owned entity.
Sierra Rutile Holdings Limited has announced significant changes to its Board of Directors following the acquisition of a majority share by Leonoil Company Limited. As per the latest update, Leonoil now holds over 50% of the shares in Sierra Rutile Holdings, leading to the appointment of new board members at the request of Leonoil.
The newly appointed directors include Mr. Mohamed Cole, Mr. Ibrahim Cole, and Mr. Patrick Lambert. These changes are part of a broader strategy to localize the governance of Sierra Rutile, an iconic company in the mining sector of Sierra Leone.
In related news, Sierra Rutile’s Finance Director, Mr. Martin Alciaturi, has announced his retirement effective December 6, 2024. To ensure a smooth transition, Mr. Alciaturi will step down immediately from the board, and preparations are underway to facilitate the induction of the new Leonoil representatives.
The company aims to maintain operational continuity and capitalize on the local expertise of the new board members to drive future growth and sustainability.
Chairman Greg Martin emphasized that these board changes mark a natural transition as Sierra Rutile becomes a majority locally-owned business, highlighting the milestone of transforming into a predominantly Sierra Leonean-owned entity.
Mr. Martin lauded the efforts of the outgoing members, particularly noting the pivotal role played by Mr. Alciaturi in navigating the company through challenging times and achieving a near 100% price increase for shareholders.
The company is poised to continue its legacy under the new leadership structure, enhancing its contribution to Sierra Leone’s economic development.
