Ecuador-focused SolGold (LON, TSX: SOLG) said on Thursday its chief executive and managing director, Darryl Cuzzubbo, had left the company effective immediately, after less than a year in the top job.
The former BHP executive’s departure comes just two days after the company unveiled a $50 million royalty financing deal to advance its giant Cascabel copper-gold project in Ecuador.
Cuzzubbo took the reins last December after SolGold’s lengthy search to replace co-founder Nick Mather, who was handed a strong rebuke at the company’s annual meeting with nearly half (44.7%) of shareholders voting against his reappointment.
SolGold, backed by BHP (ASX: BHP) and Newcrest (ASX: NCM), had sparred with the two large shareholders over funding for its flagship project under Mather’s guidance.
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