Canada’s Iamgold (TSX: IMG)(NYSE: IAG) is searching for a new chairman after Don Charter retired on January 29, only two weeks after the company’s president and chief executive Gordon Stothart surprised the markets by announcing his departure.
The Toronto-based miner said the decision was consistent with Charter’s longstanding plans, adding that it has named Kevin O’Kane as interim chair. CFO Daniella Dimitrov, who joined Iamgold in March last year, is currently acting CEO.
Frequent leadership changes in a company can sometimes be a sign of instability or poor management, analysts say. Unexplained C-suite departures are even more concerning to investors, because of potential liabilities or scandals that could affect the stock price and the direction of the company.
Iamgold is conducting a portfolio of assets review as part of a strategy that prioritises return on investment and cash flow generation, it said. The goal is to ensure the delivery of Côté – a tier-one, generational asset in Ontario, Canada, which is expected to come online next year, O’Kane said in the statement.
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