Less than a week after shareholders voted for major change to its board of directors, Detour Gold has announced it’s begun looking for a new CEO.
On Dec. 13, shareholders voted in favour of unilateral change to the board, voting out more than half its members and replacing them with members approved by Paulson & Co. Inc., one of the company’s largest shareholders that led the push for change.
Following the shift, the board has established five new committees: audit, corporate governance and nominating, corporate social responsibility, human resources and compensation, and technical.
The company said in a Dec. 19 news release that the human resources and compensation committee would start a search for a new CEO immediately. Newly elected member James Gowans is currently serving as chair.
Michael Kenyon, who had been serving as interim CEO, gave his six-week notice on Dec. 13.
Detour Gold operates a single asset – the Detour Lake gold mine is located within the Abitibi Greenstone Belt, 300 kilometres northeast of Timmins. Gold production started in February, 2013.
The operation has a mine life of approximately 23 years with an average gold production of 659,000 ounces per year, and includes the development of the West Detour project, which is currently being permitted.