TORONTO (miningweekly.com) – Iamgold on Wednesday announced that three directors would be retiring and not stand for re-election at the company's annual general meeting (AGM) of shareholders scheduled for May 11.
President and CEO Steve Letwin said in support of the company's focus on cost containment, the board had taken the decision to reduce the board size to seven directors, who would stand for election at the AGM.
Iamgold founder and current chairperson Bill Pugliese had advised the board that after 25 years as chairperson, he had decided to retire. Also retiring from the board were Guy Dufresne and John Shaw.
"Bill, is a consummate gold bull who had a vision of building the Sadiola mine, in Mali, over 25 years ago. At that time, no one dreamed that mine would have produced over seven-million ounces of gold and would still be operating today, and that Iamgold would become a midtier gold mining company with operations in South and North America, with such an expanded footprint in West Africa,” Letwin pointed out.
The board intended to appoint existing director Don Charter the new chairperson after the AGM.
In the wake of faltering precious metals prices, Iamgold in November announced a plan to cut its executive management team by more than one-third and withdraw from a number of its corporate memberships, including the World Gold Council.