Perseus Mining shares have fallen heavily after two of the company’s founding directors announced they will depart in November.

Rhett Brans and Neil Fearis will leave their positions at Perseus’ annual general meeting on November 15, each ending a decade on the board.

Africa-focused Perseus recently cut staff and slashed directors’ pay as it scales back expectations for its Edikan mine in Ghana.

Mr Fearis, who helped float the company, will not be seeking re-election after coming to end of his current term as director.

Mr Brans, instrumental in putting together the Edikan development team and overseeing the construction and commissioning of the gold plant, will step down to enable the board to maintain a majority of independent directors.

Perseus shares dropped 10.5 cents, or 15.7 per cent, to 56.5 cents.