In a letter dated February 28th to the Port Moresby Stock Exchange, Patel takes over the role from, Joe Barberis, as of March 1st.
Patels appointment means he steps down as CPL Chairman, which will be assumed by current non-executive director, John Dunlop, until a permanent appointment is made later in the year.
The announcement was made after CPL completed a successful capital raising of K48 million by existing and new shareholders.
The letter stated “As at the date current Managing Director, Joe Barberis, will step down from his role and retire as a director of the company. We wish to thank Joe for his leadership over the past year and in particular guiding PL through what has been a difficult period for the company.
“On his appointment as Managing Director, Mr Patel will step down as Chairman of CPL. Current Non-Executive Director, Mr John Dunlop, will be appointed acting Chairman pending a permanent appointment planned for later in the year.
Joe Barberis will retire as a director of the company.