Kavango Resources shares drop on abrupt CEO exit

(Sharecast News) - Shares in Kavango Resources plunged on Wednesday after the Southern Africa-focused miner announced the abrupt exit of chief executive Ben Turney. The company said that Turney, who is cited as having driven the company's transformation through successful capital raises and exploration breakthroughs across Zimbabwe and Botswana since joining in 2021, would be leaving his position with immediate effect.

"Over the last three and a half years, Ben has brought the company into Zimbabwe, a great country in which to do business with a highly skilled workforce," said chair Peter Bee.

"He has taken the company to a referral listing on the Victoria Falls Stock Exchange. I thank Ben for his contribution, and wish him all the best for the future."

Bee will step in as interim CEO while Turney's successor is recruited, while non-executive director Donald McAlister will assume the role of chief financial officer on an interim basis.

The stock was down 11% at 0.89p by 1421 BST.