The Conversation (0)
Goldcorp CEO Chuck Jeannes will retire this April, with current Hudbay CEO David Garofalo coming in to head up the company.
Last Friday, Goldcorp (TSX:G,NYSE:GG) announced that company CEO Chuck Jeannes would retire this coming April. Jeannes has headed the company since 2007, having been with Goldcorp, as well as the company’s predecessor Glamis Gold, for nearly 17 years.
Stepping in as his replacement will be David Garofalo, currently president and CEO of Hudbay Minerals (TSX:HBM). Garofalo previously served as CFO of Agnico-Eagle Mines (TSX:AEM) and has 25 years of experience in the resource sector overall.
“It has been a tremendous honour to lead Goldcorp over the last seven years as it has matured into one of the world’s leading gold mining companies,” said Jeannes in a statement. “I have had the privilege of working with an exceptional group of leaders as we built the foundations for long-lasting success at Goldcorp, including two key new mines that will drive strong, low-cost production for many years.”
According to the Globe and Mail, the transition has been a long time coming. “It’s something I’ve been planning for a while,” Jeannes told the publication. “It’s time to let someone else take the reins. Change is good for an organization.”
Certainly, the CEO believes that Garofalo has what it takes to head up the world’s fourth largest gold producer. “I’ve known David for a long time. He’s been very successful at everything he’s done and I expect him to be a big success at Goldcorp,” he told the Globe.
As with many other miners, Goldcorp has been under pressure this year due to a rout in commodities prices. Spot gold prices are down 10 percent so far in 2015 to about $1,070 per ounce, and overall, shares of Goldcorp are down 23 percent year to date.
On Monday, the company declared its twelfth monthly dividend payment for 2015 of $0.02 per share.
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
