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Lundin Mining Corp. chief executive Peter Rockandel is stepping down at the end of the year, and will be succeeded by Jack Lundin, the company’s president and the grandson of its founder.
After the company announced the leadership change, its shares fell by 5.3 per cent on the Toronto Stock Exchange to close at $9.21 each on Tuesday. Lundin Mining was the worst performer of the day on the 50-member TSX Materials Capped Index.
Mr. Rockandel, 57, a former long-time investment banker with GMP Capital Inc., will have been at the helm of the company for just over two years when he steps down. Lundin Mining has recently made a series of other changes in its senior leadership ranks, particularly at the vice-president level.
Mr. Rockandel said in an interview that his departure was a “mutually agreed-upon decision” with the company’s board. He added that although he was willing to stay on, the Vancouver-based job has been difficult for him for personal reasons, because his family has remained in Ontario.
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