Alexander Molyneux has assumed the CEO position at Azarga Uranium (AZZ.TO)

Alexander Molyneux has assumed the CEO position at Azarga Uranium (AZZ.TO) - Bloomberg photo

Azarga Uranium's Richard "Dick" Clement has retired as CEO, President and Corporate Secretary of Azarga Uranium (AZZ.TO), and has been appointed deputy chairman of the company's board of directors.

He's being replaced by current Azarga chairman Alexander Molyneux, 39, a former investment banker and CEO of SouthGobi Resources. The move comes less than 6 months after a merger between Clement's Powertech and Molneux's Azarga in an effort to strengthen the company's financial position.

"I'm sure I can say I am speaking on behalf of all of our employees and directors when I say that we are deeply grateful for Dick's tireless efforts over the past 10 years in identifying and progressing our flagship Dewey Burdock project," commented Molyneux. "We certainly wish him an enjoyable retirement from his former role as CEO, whilst at the same time are thankful Dick will stay on in the capacity of deputy chairman to guide us all in our mission to see this company into uranium production."

Mr. Clement stated, "Dewey Burdock is the highest-grade ISR project among its North American peers, and I am proud to have been a part of management of this company and look forward to my continued role as deputy chairman."

Blake Steele, CFO will also assume the role of corporate secretary.

Read our recent interview with Azarga's newly appointed CEO Molyenux: Azarga primed to ride Uranium revival