Resignation of CFO
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Midwest Gold Ltd's board, at a meeting on April 10, 2025, approved three key changes. Mr. Srinivasappa Anand Reddy resigned as Chief Financial Officer and Key Managerial Personnel due to personal reasons, effective from the close of business hours on April 10, 2025. To fill the vacancy, Mr. Palepu Venkatachala Ramakrishna was appointed as the new CFO and KMP with effect from April 11, 2025; he is a Certified Public Accountant (USA) and qualified Cost & Management Accountant with over 30 years of finance experience across sectors like renewable energy, infrastructure, banking, and IT. The board also appointed Mr. Somasekhar Reddy Bhimavarapu as an Additional Non-Executive Independent Director for a 5-year term until April 9, 2030, subject to shareholder approval. The new independent director is a retired Indian Forest Service officer with 35+ years of experience and is not related to the promoters.
The seamless transition with an immediate replacement for the CFO means there is no leadership vacuum in the finance function, which is positive for continuity. The addition of an experienced Independent Director strengthens the board, though investors should monitor whether the outgoing CFO's departure for 'personal reasons' signals any undisclosed concerns.