Jovian Capital Corp. has split the roles of president and CEO. Philip Armstrong will continue to serve as CEO while Mark Arthur, previously executive vice president, will assume the title of president.

“From Jovian’s early days, Mark has played an integral role in its growth from a small, private company to a growing public company. With this growth has come the need to create a more structured management process, in order to deal with the complexities of running a holding company. That led to the decision to split the titles of president and CEO. This new structure reflects how closely he and I work together,” said Armstrong in a release.

Jovian also announces that it has issued 585,617 stock options to a director and senior officer of a subsidiary of Jovian. These options are exercisable at a price of 84¢ a share over five years, vesting over a period of two years. The grant of these options was contingent upon the purchase by the individual of a similar number of Jovian shares on the market.