Iamgold to Cut Management Team by 40 Percent

On Monday, Iamgold Corp (TSX:IMG) announced that three of its senior vice-presidents will be leaving the company, according to Reuters. The change represents a 40 percent decrease in Iamgold’s executive team, and the company is taking other cost cutting measures in an effort to reduce costs.

As quoted in the publication:

Iamgold said it is targeting a 10 percent reduction in corporate general and administrative costs in 2015 as well as productivity and cost reduction initiatives at its Rosebel mine in Suriname and its Essakane mine in Mali.

“We are determined to make this company a stronger competitor in the gold industry …,” Iamgold President and Chief Executive Steve Letwin said.

The company’s chief operating officer, Gordon Stothart, chief financial officer Carol Banducci, and senior vice-president of exploration Craig MacDougall will remain with the company.

Click here to read the full article.