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. Last Updated: 07/27/2016

Polyus Gold Ousts Its CEO

Polyus Gold, the country's biggest producer of the metal, ousted chief executive officer Pavel Skitovich after five months on the job during which the company's shares stagnated and production fell 6 percent, the company said in a statement Tuesday.

Polyus named Yevgeny Ivanov as general director, the company said in a statement. Skitovich had replaced Ivanov on May 14. Polyus also re-elected billionaire Mikhail Prokhorov as chairman at a board meeting Tuesday.

Polyus, missing out on a rally in gold prices to 27-year highs, expects production to stagnate at about 1.2 million ounces through next year. Skitovich visited investors in London last month to try to allay their concerns and complained that shareholders had "forgotten" the company.

"Investors won't miss Skitovich after the kind of first-half results we saw last week," said Yevgeny Smirnov, who helps manage $600 million in Russian securities at Aton Management. "Polyus's performance has been disappointing given the current gold price."