Goldcorp Inc. (TSX:G), the province’s largest mining company, announced some major changes in its senior management March 9.
George Burns, executive vice-president and COO, will stay on, but effective immediately, Lindsay Hall, Goldcorp’s executive vice-president and chief financial officer, has left the company “to pursue other interests,” according to a press release. Russell Ball, executive vice-president of corporate development and capital management, is taking over as CFO.
The news comes less than two weeks after the company announced a fourth-quarter net loss of US$4.27 billion and said it was slashing dividends. This came as Teck Resources (TSX:TCK.B) also announced it was making major changes to its senior management.
The company said this change and some other management changes are part of a new strategic direction.
“We will seek more efficiency in our operations and will reinvest into a robust pipeline or existing organic opportunities,” said David Garofalo, who is taking over as company president and CEO from Chuck Jeannes, who announced his retirement in December.
“The changes in our team and streamlined reporting structure will support our strategy and accelerate our achievement of improved results.”
Ball was previously with Newmont Mining Corp. in the role of CFO, before he moved to Goldcorp in 2013.
The company has announced several other management changes. Richard Orazietti, currently Goldcorp’s senior vice-president of internal audit, will take over as senior VP and controller. David Stephens is moving into the role of vice-president and treasurer from his position as director of corporate development and Rohan Athaide is leaving his role of director of internal audit and taking over as vice-president of internal audit.
In addition to these changes, the company said it is working to decentralize its management across the company.
“Under the new management structure, mine general managers will be empowered to act as business owners and will be held accountable for maximizing the return on the capital invested in, while growing the net asset value of, their businesses,” Goldcorp said in a press release.
As of press time, shares of Goldcorp Inc. were trading at $22.02, an increase of 5.56%.
- With a file from Tyler Orton
@EmmaHampelBIV
