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When Tim Gitzel takes over as chief executive officer at Cameco Corp. next week he will become more than just head of the world’s largest publicly traded uranium company.
The 49-year-old Saskatoon-based executive will also be thrust into a leadership role in a global industry fighting to convince the world that nuclear energy is a clean, safe alternative despite the recent nuclear disaster in Japan.
He must also try to persuade investors that uranium – the price of which has fallen about 25 per cent since Japan’s earthquake and ensuing nuclear crisis struck in March – is heading for a recovery. Even more pressing for Mr. Gitzel will be trying to stage a rebound in Cameco’s stock, which has fallen nearly 40 per cent over the past three months.
Overall, Mr. Gitzel has his work cut out for him as countries such as Germany, Switzerland and most recently Italy have vowed to phase out their nuclear energy programs as a result of pressure from citizens nervous about the potential for a nuclear meltdown in their own country. Continue Reading →