Shareholders and analysts shocked by ‘messy’ exit of Agnico CEO Tony Makuch after only 16 days – by Niall McGee (Globe and Mail – February 24, 2022)

Agnico Eagle Gold Mines Ltd. is cutting ties with chief executive officer Tony Makuch after he served for only 16 days, believed to be the shortest tenure on record for a leader of a major mining company anywhere in the world.

Canada’s second-biggest gold miner announced it is replacing Mr. Makuch with Agnico’s long-time president, Ammar Al-Joundi. Toronto-based Agnico gave no reason as to why Mr. Makuch was leaving. The departure of Mr. Makuch was doubly surprising because the individual whose shoes he’d stepped into, Sean Boyd, had been the longest-serving CEO of any major Canadian miner, with a 24-year run.

Agnico in September named Mr. Makuch as the successor for Mr. Boyd, after it announced the acquisition of Kirkland Lake Gold Ltd. Mr. Makuch was CEO of Kirkland and credited for its spectacular growth that saw it rise from near-bankruptcy to the best-performing major gold miner.

Mr. Makuch told The Globe and Mail that he was looking forward to becoming CEO of Agnico, and feeling extremely energized. Mr. Makuch formally took over on Feb. 8, when the transaction closed.

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