Kevin McArthur plans to step down as president and CEO of Goldcorp Inc. after two years at the helm of one of the world's largest gold companies.
Vancouver-based Goldcorp (TSX:G; NYSE:GG) said Friday that McArthur would leave the top post at the end of the month.
McArthur cited "personal considerations" as the reason.
"The strong condition of Goldcorp and its leadership today has made my decision easier," he said.
Gold industry veteran Charles "Chuck" Jeannes, Goldcorp's executive vice-president, corporate development, will take over from McArthur, who will remain as an adviser to the new CEO as well as a board director.
Both men came to Goldcorp from U.S.-based Glamis Gold Ltd., which merged with the Vancouver company in November 2006 in a US$21.3 billion transaction.
As senior executive vice-president at Glamis, Jeannes is said to have played an instrumental role in that company's success, including the acquisition of the Marlin and El Sauzal mines and the world-class Pe-asquito project in Mexico.
Pe-asquito will be Mexico's largest open pit mine and cost approximately $1.5 billion to build.
Jeannes, who began his career as a lawyer specializing in mineral transactions, permitting and mining regulatory issues, said safeguarding Goldcorp's strong liquidity and cash balances during the financial market volatility will be among his top priorities as CEO.
The company had $454 million in cash and equivalents of as at September 30.