The Board of ELB Group Limited announced the appointment of Mr. Charles Pettit as ELB Group Chief Executive Officer. Mr. Pettit's initial responsibilities will be to review the suitability of the current Group structure and to arrange a recapitalization of the Group following the recent losses that occurred on the Gamsberg Project. Charles will also be free to identify any acquisitions he feels may be compatible with ELB's current product offering.

The Board further announced that Dr. Stephen Meijers will step down as Group Chief Executive Officer but remains CEO of ELB Engineering Services. In addition, Peter Blunden remains CEO of ELB Equipment and Christopher Malan as CEO of ELB Equipment Australia.