A power struggle at Agnico Eagle Mines Ltd. over corporate culture, personnel and strategy led to the big Canadian gold miner cutting ties with its new chief executive officer, Tony Makuch, only 16 days after he took over the job following a merger with his former employer, Kirkland Lake Gold Ltd.
Mr. Makuch’s hard-driving, bulldozer management style repeatedly bumped up against the hands-off, diplomatic approach of Agnico’s executive chairman, Sean Boyd, according to seven sources familiar with the situation.
The clashes culminated in an emergency board meeting last week, during which the Toronto-based miner voted Mr. Makuch out and installed Agnico’s president, Ammar Al-Joundi, as his replacement.
The Globe and Mail is not identifying the sources because they were not authorized to speak publicly on the matter. Mr. Boyd declined to comment. Mr. Makuch did not respond to a request for comment. When the $13-billion “merger of equals” between Agnico and Kirkland was announced in September, Mr. Boyd was Agnico’s CEO, and Mr. Makuch was chief executive at Kirkland.