Goldcorp Inc. (TSX: G, NYSE: GG) has announced changes in senior leadership as the Company exits a phase of intensive project development and now focuses on optimising the performance of its portfolio of low-cost mines and advancing a robust organic project pipeline.
The business renewal strategy is designed to ensure disciplined capital allocation through a decentralised management approach.
Under the new management structure, mine general managers will be empowered to act as business owners and will be held accountable for maximising the return on the capital invested in, while growing the net asset value of, their businesses. These operations will be supported by a leaner senior executive team at the company’s head office.
“We will seek more efficiency in our operations and will reinvest into a robust pipeline of existing organic growth opportunities. We believe this strategic renewal offers the best potential returns with the lowest risk profile,” said David Garofalo, President and Chief Executive Officer. “The changes in our team and streamlined reporting structure will support our strategy and accelerate our achievement of improved results.”
As part of the company’s senior management reorganisation, Russell Ball, Executive Vice President of Corporate Development and Capital Management, will assume the Chief Financial Officer role, effective immediately. He replaces Lindsay Hall, Executive Vice President and Chief Financial Officer, who has left the company to pursue other interests. Mr. Ball joined Goldcorp in 2013 from Newmont Mining Corporation, where he served as Chief Financial Officer from 2007 to 2013. In his new role, he will continue to oversee the Company’s corporate development activities. In addition, the following changes to the finance leadership team were also announced:
• Richard Orazietti will assume the role of Senior Vice President and Controller. Richard has been Vice President, Internal Audit at Goldcorp since 2012;
• David Stephens will assume the role of Vice President and Treasurer. David joinedGoldcorp in 2014 after starting his career in investment banking and most recently worked as Director, Corporate Development at Goldcorp; and
• Rohan Athaide will assume the role of Vice President, Internal Audit. Rohan joinedGoldcorp in 2012 and most recently worked as Director, Internal Audit.
“I would like to congratulate Richard, David and Rohan on their promotions and I am confident they bring the right financial acumen and skills to support our focus on disciplined capital allocation,” said Mr. Garofalo.
George Burns, Executive Vice President and Chief Operating Officer will continue driving operational performance. Business unit leaders Chris Woodall (Canada/USA) and Joe Dick (Latin America) will provide regional oversight of operations and will each be supported by regional Chief Financial Officers, two newly created positions for which a search process is also underway. The responsibility for project development will now move from Mr. Ball to Mr. Burns in order to further integrate our operating and project teams.
Mr. Charlie Ronkos, Senior Vice President Exploration is also leaving the company to pursue other interests and the exploration office in Reno, Nevada will be closed. Primary responsibility for exploration activities will now reside with our business unit leaders, in alignment with the Company’s newly decentralized management approach.
“I would like to thank Lindsay and Charlie for their significant contributions to Goldcorp over the years,” said Mr. Garofalo. “We wish them the best in their future endeavors.”
Executive Vice President Charlene Ripley maintains responsibilities for legal affairs, risk management and human resources. Responsibility for corporate affairs and sustainability continues under the leadership of Executive Vice President Brent Bergeron.
Goldcorp is a leading gold producer focused on responsible mining practices with safe, low-cost production throughout the Americas. A portfolio of long-lived, high-quality assets positions Goldcorp to deliver long-term value.