Fotios to remain as Eastern chair

Michael Fotios has quashed speculation that he intends to step down as chairman of Eastern Goldfields, following an exchange of words with journalists at Diggers & Dealers earlier this week.

Media reports this week said Mr Fotios was planning to step down from his chair role.

But in a statement today, Eastern said Mr Fotios plans to remain in the role for at least another year while the company searches for a chief executive to take over the day-to-day running of the business.

It also said the successful CEO candidate would likely move to the position of managing director in time.

“It is anticipated that this would be a 12-18 month process, at which time Mr Fotios would step back from his current position of executive chairman and move into a non-executive role,” it said.

Eastern was to be confronted by a group of Kalgoorlie-based contractors employed by Hogan Construction during Diggers & Dealers earlier this week, with the group claiming they were owed about $1.3 million for work on the gold miner’s recently commissioned Davyhurst operation.

The contractors were paid their entitlements at the 11^th hour, before Eastern’s scheduled presentation at the event.

Shares in Eastern were 1.2 per cent lower to 24.7 cents each at 11:45am.