Karnalyte Resources (KRN.TO) accepted the resignation of Sanjeev Varma as a director and the chair of its board, it said on Monday.
The board has also unanimously approved the appointment of Dilip Pathakjee as chair of the board. Varma also resigned from his role as Executive Director at Gujarat State Fertilizers & Chemicals Limited (GSFC), the company's major shareholder and strategic partner and has accepted a position as Managing Director at Indian Potash Limited, it said.
GSFC has nominated Dr. Pujan Vaishnav, who has more than 25 years of experience in the chemical sector and who is currently serving as Vice President, Research and Development at GSFC, to the Karnalyte board.
Shares of the company closed up 2.9% to $0.355 on Friday on the Toronto Stock Exchange.