Zara Resources Inc. said Feb. 16 that Daniel Wettreich will retire as CEO and director after selling a controlling stake in the company.

Under the deal, a number of independent investors will acquire 5,357,810 shares, representing 51% of the company's issued share capital, valuing the stake at C$850,000.

In addition, Mark Wettreich, Peter Wanner, Paul Cullingham and David Lonsdale will also retire from the board.

Upon the closing of the transaction, expected to occur on or around Feb. 26, Zara will name Eugene Beukman as CEO and director. Damanjit Gahunia and Ajit Bhatti will also join the company's board.

The company previously terminated deals to acquire Fox Automotive Switzerland AG and Magnum Pirex AG, which would have seen it renamed as Fox Magnum Automotive Inc. and exit the mining sector.