(Canadian Business Hall of Fame Video – May 2018)
Gold’s now a game of musical chairs — and Ian Telfer ensured Goldcorp is not left stranded
After helping to build what was once the most valuable gold mining company in the world, Goldcorp Inc. chairman Ian Telfer is planning to exit on a low-note — albeit $12 million richer.
Earlier this year, Telfer cut a deal to sell Goldcorp for US$10 billion — a 78 per cent hair cut from its peak valuation of US$45 billion back in 2011 when gold prices were soaring.
On Thursday, in a sign of how far the company has fallen, Goldcorp shareholders voted nearly unanimously to approve the deal. Proxy advisors have recommended Newmont shareholders do the same when they vote April 11.
That means Telfer, 73, who does not hold a position at any other gold company, could officially be jobless next week, having opted to take a $12 million severance pay out despite shareholder objections, and to give up the chance to serve as Newmont’s deputy chairman.
If he does leave the gold industry — although some friends and acquaintances doubt he will sit still in retirement — the departure comes at a time when Telfer believes the gold mining industry is headed for a period of decline, as he made clear in interviews with the Financial Post conducted during the past year including an extended conversation last May before his induction into the Canadian Business Hall of Fame.
For the rest of this article: https://business.financialpost.com/commodities/goldcorps-ian-telfer-rode-the-gold-highs-but-exits-on-a-low-note