Forrest steps down from Arafura chair

Bell Potter Securities' corporate finance director Mark Ceglinski has been appointed chairman of Subiaco-based Arafura Pearls Holdings Ltd, replacing Fortescue Metals Group chief executive Andrew Forrest, the company has announced.

Mr Forrest stepped down due to other work pressures, according to an Arafura announcement.

He joined the company before the launch of its initial public offering last November, which was highly successful.

Arafura's commercial prospects have been dented by federal governamnt changes to the tax breaks for non-forestry managed investment schemes, such as Arafura's pearling schemes.

The full text of a company announcement is pasted below

The Arafura Board is pleased to advise Mr Mark Ceglinski has been appointed non-executive Chairman of Arafura Pearls. Mr Ceglinski is a Perth based Director of Corporate Finance at Bell Potter Securities, and prior to that was a Corporate Advisory Partner at national accounting firm, Pitcher Partners. He brings a wealth of experience to the Arafura Board in commercial dealings and capital markets.

Mr Forrest, who stepped down due to other work pressures, welcomed the new appointment and felt the Company would perform well under Mr Ceglinski's leadership.

Arafura CEO, Mr Hewitt, welcomed Mr Ceglinski to the Board, and said Arafura would benefit from his experience and energy.