First Quantum Minerals Ltd. said it conducted an exhaustive and independent search before naming Tristan Pascall, the son of chairman and co-founder Philip Pascall, as its next chief executive officer.
Vancouver-based First Quantum, the sixth-biggest copper miner in the world, said on Monday that after its annual meeting in May, 73-year-old Philip will be replaced by 46-year-old Tristan.
A former investment banker, Tristan joined First Quantum in 2007, and has built up more than a decade of experience running the company’s biggest mines in Zambia and Panama. Philip will retain a heavy influence at First Quantum, staying on as chairman, a position he’s held since co-founding the firm in 1996.
Robert Harding, lead independent director at First Quantum, said in a conference call Monday that the board was well aware that putting a son in a position formerly occupied by the father may create “a perception of impartiality.” But he stressed that substantial checks were in place to ensure the CEO search was airtight from a governance standpoint.
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